Dow jumps 520 points as investors cheer inflation slowdown
CBSN
Stocks ended November with a bang, with the Dow Jones Industrial Average jumping 520 points on Thursday and financial markets posting their biggest monthly gain in more than a year.
The Dow rose 1.5% to close at 35,951, with investors cheered by a new government report showing that inflation is continuing to ease. The Personal Consumption Expenditures index — the Federal Reserve's preferred inflation gauge — fell to 3.5% in October excluding volatile food and energy prices, down from 3.7% the previous month and nearly 5% as recently as May, new labor data show.
"Progress, in short, has been startlingly rapid compared to policymakers' expectations," analysts with Pantheon Macroeconomics said in a report.
Washington — President Trump said early Monday that he is postponing airstrikes on Iran's power plants after "very good and productive conversations" over the last two days about reopening the Strait of Hormuz. However, Iran's foreign ministry denied any such talks. Claire Day contributed to this report. In:
Immigration and Customs Enforcement agents began deploying to some U.S. airports on Monday as a partial government shutdown causes shortages of Transportation Security Administration officers who have resigned or called out of work. Skyler Henry contributed to this report. In:
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Washington — The Supreme Court is considering Monday a major elections dispute involving whether federal law bars states from counting mail ballots that are postmarked by, but received after Election Day.
Stocks look set to surge in early trading on Monday after President Trump postponed an ultimatum for Iran to reopen the Strait of Hormuz, saying that the U.S. is engaged in "good and productive" negotiations with Tehran. Edited by Alain Sherter In:
New York's La Guardia Airport was closed late Sunday night after an arriving Air Canada Express plane and ground vehicle collided, according to flight tracking service FlightRadar24.
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Officials at Immigration and Customs Enforcement have been scrambling to carry out a weekend directive from President Trump to have immigration agents provide security at airports amid the partial government shutdown, multiple sources familiar with the internal deliberations told CBS News. In:
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CBS News contributor Arthur C. Brooks is the author of a new book, "The Meaning of Your Life: Finding Purpose in an Age of Emptiness." This morning, he's charting an unlikely path to happiness:
When gauging a war, Americans consider at least two important things: what the goals are overseas and its impact back home. In: