Dow Jones, S&P rally to records after inflation data – Fox Business

U.S. stock indexes hit record highs Wednesday as investors digested the latest consumer price index report. 

The Dow Jones Industrial Average rose 158 points, or 0.45%, while the S&P 500 index and the Nasdaq Composite index advanced 0.24% and 0.12%, respectively. The early gains extended the record highs set by the Dow and the S&P on Tuesday. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 35457.4 +192.73 +0.55%
SP500 S&P 500 4442.6 +5.85 +0.13%
I:COMP NASDAQ COMPOSITE INDEX 14735.505278 -52.58 -0.36%

The July consumer price index showed prices jumped 5.4% annually, matching June’s reading for the fastest increase since August 2008. Prices were up 0.5% month over month, slowing from the 0.9% gain in June. 

CONSUMER PRICES RISE 5.4% ANNUALLY IN JULY

In stocks, cyclicals that would benefit from infrastructure spending, including Caterpillar Inc., Cleveland-Cliffs Inc. and Nucor Corp., continued to outperform. 

Ticker Security Last Change Change %
CAT CATERPILLAR, INC. 220.92 +7.07 +3.31%
CLF CLEVELAND-CLIFFS, INC. 25.56 -0.45 -1.73%
NUE NUCOR CORP. 122.01 +4.05 +3.43%

Boeing Co. completed a test flight in China for its 737 Max jet, which has been grounded in the country for two and a half years. It is unknown when the aircraft will be allowed to return to service. 

Ticker Security Last Change Change %
BA THE BOEING CO. 238.08 +2.36 +1.00%

In deals, cybersecurity company NortonLifeLock Inc. agreed to buy London’s Avast Plc for as much as $8.6 billion in cash and stock. The deal, if closed, would form a cybersecurity behemoth that provides service for more than 500 million customers. 

Ticker Security Last Change Change %
NLOK NORTONLIFELOCK, INC. 26.11 +1.96 +8.10%

In earnings, crypto exchange Coinbase Global Inc. reported quarterly profit that exceeded Wall Street estimates as trading volumes surged 38% from a year ago. The company forecast a year-over-year decline in trading volumes for the current quarter. 

Ticker Security Last Change Change %
COIN COINBASE GLOBAL, INC. 276.35 +6.68 +2.48%

Wendy’s Co. said same-store sales increased 16.1% year over year, ahead of analysts’ expectations, as reduced restrictions provided a lift. The fast-food chain also raised its forecast for global system-wide sales.

Ticker Security Last Change Change %
WEN THE WENDY’S CO. 22.77 +0.74 +3.38%

In commodities, West Texas Intermediate crude oil slid 62 cents to $67.67 a barrel after the White House called on OPEC to increase production to support the economic recovery. Meanwhile, gold rose $15.40 to $1,747.10 an ounce. 

Overseas markets were broadly higher. 

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Britain’s FTSE 100 paced the gains in Europe, trading up 0.67%, while France’s CAC 40 and Germany’s DAX 30 advanced 0.6% and 0.59%, respectively. 

In Asia, Japan’s Nikkei 225 climbed 0.65%, Hong Kong’s Hang Seng index jumped 0.2% and China’s Shanghai Composite edged up 0.08%.