Wall Street gains over 1pc after encouraging inflation data with Fed next

NEW YORK, Feb 1 — Major US stock indexes closed over 1 per cent higher yesterday as labour cost data encouraged investors about the Federal Reserve’s aggressive approach to taming inflation a day ahead of the central bank’s critical policy decision.

US labour costs increased at their slowest pace in a year in the fourth quarter as wage growth slowed, Labour Department data showed. The US central bank today is expected to hike the Fed funds rate by 25 basis points, following a 2022 in which the Fed aggressively boosted rates to control soaring inflation.

All 11 S&P 500 sectors ended in positive territory, led by materials and consumer discretionary, both up over 2 per cent. In earnings news, Exxon Mobil shares rose 2.2 per cent after the oil major posted a US$56 billion net profit for 2022, setting not only a company record but a historic high for the Western oil industry.

A busy week for markets will also include reports in coming days from Apple Inc, Amazon.com Inc and Alphabet Inc, central bank meetings in Europe and the monthly US employment report.

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