Business

Wall Street ticks higher as inflation fears cool

Wall Street’s main indexes rose in choppy trading on Tuesday, with the tech-heavy Nasdaq leading gains as inflation worries receded and U.S. bond yields eased for the fourth straight day. According to Reuters News, the S&P 500 and the Nasdaq kicked off the week about one per cent higher after Federal Reserve officials maintained that ultraeasy monetary policy will remain, allaying worries that higher prices may force the central bank to scale back its support. Yields on 10-year Treasury bond slipped to a fresh two-week low on Tuesday. “Since we bottomed out sometime last week, the market each day is gaining some stabilityandweseedownside risk floating away. The mood is bullish but it’s quite modest,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

“The PCE (personal consumption expenditures) data due later in the week is key to get a better judgment on inflation and we would expect the market to be a slightly directionless until that data is out.” With the S&P 500 within one per cent of its May 7 all-time high, focus will be on the U.S. PCE report on Thursday, the Fed’s favorite inflation gauge, following a recent bout of market volatility triggered by fears of a longer period of higher prices.

 

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