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US stocks rose as the market closed Tuesday as investor optimism grew.
Cooling wholesale inflation data pushed stocks higher.
Wall Street is once again hoping for a central bank pivot away from aggressive rate hikes.
US stocks were higher Tuesday but pared gains as the market closed, as traders assessed cooling wholesale inflation data.
The producer price index climbed 0.2% in October from a month earlier, adding to better-than-expected headline inflation news on Thursday. The slowing pace of inflation is adding to investor optimism that the central bank now has enough reason to pivot away from monetary tightening.
Stocks stopped short of turning negative toward the end of the session but declined from intraday highs on news that Russian missiles intended for Ukraine crossed into Poland, killing two people.
Here’s where US indexes stood at the 4:30 p.m. closing bell on Tuesday:
S&P 500: 3,991.73, up 0.87% Dow Jones Industrial Average: 33,592.92, up 0.17% (56.22 points)Nasdaq Composite: 11,358.41, up 1.45%
Here’s what else is going on today:
Investors should step away from markets as soon as possible with gains before a recession takes hold, according to JPMorgan. BlockFi is planning layoffs and may file for bankruptcy in the latest blow to the crypto market. Russia is sending huge volumes of oil to Asia ahead of EU sanctions.
In commodities, bonds, and bitcoin:
Oil prices rose, with West Texas Intermediate gaining 1.07% to $86.82 a barrel. Brent crude, the international benchmark, climbed 0.32% to $93.45 a barrel.Gold ticked up 0.35% to $1,778.26 per ounce.The 10-year Treasury yield fell by 6.6 basis points to 3.798%.Bitcoin gained 0.63% to $16,822.97.