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Wall Street Opens Higher as CPI Fails to Shock; Dow up 90 Pts -Breaking

by Mike Robinson

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© Reuters.

Geoffrey Smith 

Investing.com — U.S. stocks opened higher on Wednesday despite a slightly lower-than-expected December reading for inflation. It cemented the expectation for more rate rises over the next twelve months. 

At 36,342 point, the index was at 9:45 ET (1445 GMT) and had gained 90 points or 0.3% by that time. It was 0.4% higher and 0.6% respectively, tracking for another day of gains.

Meanwhile, the benchmark 10-year Treasury yields fell by 2 basis point to 1.722%. In response to the new forecasts of private economists for four rate rises by the Federal Reserve, they were up as much as 1.80% during the week. 

The testimony of Fed Chair Jerome Powell at Tuesday’s confirmation hearing had not produced any major surprises. Market participants felt that new forecasts had been sufficiently priced in. 

 

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