NEW YORK, May 31 — The benchmark S&P 500 and the blue-chip Dow inched up in choppy trading today, after data showed inflation rose largely in line with expectations in April,...
The benchmark S&P 500 and the blue-chip Dow inched up in choppy trading today, after data showed inflation rose largely in line with expectations in April, fanning hopes that rate cuts were imminent from the Federal Reserve this year.
Expectations for a September rate cut climbed to over 50 per cent, compared with 48.7 per cent seen before the data. The odds had stayed below 50 per cent for most of the week, according to the CME FedWatch tool. At 9.46am ET, the Dow Jones Industrial Average was up 112.46 points, or 0.30 per cent, at 38,223.94, the S&P 500 was up 16.30 points, or 0.31 per cent, at 5,251.78, and the Nasdaq Composite was up 27.10 points, or 0.16 per cent, at 16,764.18.
Gap surged 19 per cent after the apparel maker raised its annual sales forecast and its first-quarter results beat market expectations, in fresh signs that its turnaround strategy to bring in newer styles was starting to work.
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