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US close: Stocks higher following CPI data

(Sharecast News) - Wall Street stocks were higher at the close of trading on Tuesday as market participants digested key inflation data from the Bureau of Labor Statistics. At the close, the Dow Jones Industrial Average was up 0.48% at 36,577.94, while the S&P 500 advanced 0.46% to 4,643.70 and the Nasdaq Composite picked up 0.70% to 14,533.40.

The Dow closed 173.01 points higher on Tuesday, reversing earlier losses and extending gains recorded in the previous session.

Tuesday's primary focus was on news that the cost of living in the US had drifted a tad lower in November amid another decline in energy prices. According to the Department of Labor, in seasonally adjusted terms, the country's consumer price index edged up by 0.1% month-on-month. In annual terms, on the other hand, the rate of change ticked lower by one-tenth of a percentage point to 3.1%. Annual core CPI, which excludes food and energy, was steady in comparison to the prior month at 4.0%.

The data also comes just ahead of the Federal Reserve's final monetary policy announcement of 2023, due on Wednesday, where it will mull over its policy decisions and present its economic forecast.

"The slightly stronger 0.28% m/m rise in core consumer prices in November suggests the Fed may be able to hang onto its tightening bias for a little longer, but sharper declines in inflation are still likely to result in rates being cut aggressively next year," said Andrew Hunter, deputy chief US economist at Capital Economics.

Elsewhere on the macro front, the National Federation of Independent Business' small business optimism index fell for a fourth month in a row to hit 90.6 in November, its lowest level since May and down from 90.7 in October and short of forecasts for a reading of 90.7

Owners expecting business conditions to improve over the next six months increased one point to -42%. However, 40% of all owners reported job openings they could not fill in the current period, down three points month-on-month, while the net percentage of owners raising average selling prices decreased five points from October to 25% in November.

In the corporate space, tech firm Oracle traded lower after revealing second-quarter revenues had fallen short of expectations on the Street, while toymaker Hasbro also headed south on the back of news that it was laying off roughly 1,100 staff members.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Salesforce.Com Inc. (CRM) $256.12 1.73% American Express Co. (AXP) $170.86 1.57% Visa Inc. (V) $259.51 1.19% JP Morgan Chase & Co. (JPM) $160.52 0.89% Nike Inc. (NKE) $119.64 0.87% Microsoft Corp. (MSFT) $374.38 0.83% Apple Inc. (AAPL) $194.71 0.79% McDonald's Corp. (MCD) $291.40 0.79% International Business Machines Corporation (CDI) (IBM) $164.54 0.73% Travelers Company Inc. (TRV) $183.66 0.72%

Dow Jones - Fallers

Chevron Corp. (CVX) $142.50 -1.28% Walt Disney Co. (DIS) $91.07 -1.23% Intel Corp. (INTC) $44.04 -1.12% Verizon Communications Inc. (VZ) $37.30 -0.98% Dow Chemical Co. (DOW) $50.78 -0.90% 3M Co. (MMM) $102.56 -0.58% Walgreens Boots Alliance, Inc. (WBA) $22.93 -0.28% Cisco Systems Inc. (CSCO) $49.33 -0.12% Merck & Co. Inc. (MRK) $104.40 -0.01% Dowdupont Inc. (DWDP) $0.00 0.00%

S&P 500 - Risers

Incyte Corp. (INCY) $61.85 8.43% CenturyLink Inc. (LUMN) $1.47 7.30% Alaska Air Group Inc. (ALK) $37.31 4.36% Broadcom Inc. (AVGO) $1,072.28 4.18% Franklin Resources Inc. (BEN) $26.50 4.12% Southwest Airlines Co. (LUV) $30.31 3.31% Take-Two Interactive Software Inc. (TTWO) $157.20 3.04% Centene Corp. (CNC) $76.38 2.81% Meta Platforms Inc. (META) $334.22 2.75% Edwards Lifesciences Corp. (EW) $72.15 2.66%

S&P 500 - Fallers

Oracle Corp. (ORCL) $100.81 -12.44% Macy's Inc. (M) $19.05 -8.28% Johnson Controls International plc (JCI) $53.21 -5.97% Nektar Therapeutics (NKTR) $0.46 -5.68% Kohls Corp. (KSS) $25.10 -4.85% Nordstrom Inc. (JWN) $16.69 -4.74% Dish Network Corp. (DISH) $4.29 -3.81% Under Armour Inc. Class A (UAA) $8.23 -3.29% Vornado Realty Trust (VNO) $26.36 -3.19% Mosaic Company (MOS) $34.77 -3.12%

Nasdaq 100 - Risers

Incyte Corp. (INCY) $61.85 8.43% Sirius XM Holdings Inc (SIRI) $5.30 5.58% Broadcom Inc. (AVGO) $1,072.28 4.18% Take-Two Interactive Software Inc. (TTWO) $157.20 3.04% Meta Platforms Inc. (META) $334.22 2.75% Biomarin Pharmaceutical Inc. (BMRN) $95.91 2.58% American Airlines Group (AAL) $14.04 2.33% Nvidia Corp. (NVDA) $476.57 2.21% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $493.03 2.15% Cadence Design Systems Inc. (CDNS) $274.23 2.04%

Nasdaq 100 - Fallers

Dish Network Corp. (DISH) $4.29 -3.81% Vodafone Group Plc ADS (VOD) $8.38 -2.50% Expedia Group Inc. (EXPE) $144.88 -2.33% Charter Communications Inc. (CHTR) $366.86 -2.08% Liberty Global plc Series C (LBTYK) $16.62 -1.77% JD.com, Inc. (JD) $25.18 -1.64% eBay Inc. (EBAY) $41.12 -1.54% Texas Instruments Inc (TXN) $157.92 -1.28% Tesla Inc (TSLA) $237.01 -1.14% Intel Corp. (INTC) $44.04 -1.12%

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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