S&P 500 index records 4th consecutive day of gains on Thursday
Date
9/15/2024 4:18:34 AM
(MENAFN) On Thursday, the S&P 500 marked its fourth consecutive day of gains, closing higher as U.S. Stocks were buoyed by a slowdown in annual producer prices for August. The S&P 500 surged by 41 points, or 0.75 percent, to finish the session at 5,595. This increase brings the index’s weekly gain to 3.5 percent, reflecting strong performance throughout the week.
The nasdaq also saw a notable rise, climbing 174 points, or 1 percent, to close at 17,569. This technology-focused index has experienced an impressive 5.3 percent increase for the week. Meanwhile, the Dow Jones Industrial Average gained 235 points, or 0.58 percent, concluding the day at 41,096. The Dow has risen 1.9 percent since the beginning of the week, demonstrating a solid overall upward trend in U.S. equities.
According to data from the Labor Department's Bureau of Labor Statistics, producer prices in the U.S. increased by 1.7 percent year-on-year in August, a deceleration from the 2.1 percent rise observed in July and below the anticipated 1.8 percent increase. Additionally, consumer inflation also showed signs of easing, with the annual rate rising by 2.5 percent in August, the slowest annual increase since February 2021, down from 2.9 percent in July.
Despite the overall slowdown in inflation, core consumer price index (CPI) figures—excluding food and energy—rose by 0.3 percent in August compared to the previous month. This increase was above the anticipated 0.2 percent and represents a slight acceleration from July's 0.2 percent gain. Investors are now turning their attention to the upcoming Federal Reserve meeting, set to conclude next Wednesday, with expectations that the Fed will announce its first interest rate cut in over four years.
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