Wall Street soars as inflation falls more than expected in July
CBSN
Stocks on Wall Street soared on Wednesday after inflation cooled more than expected last month, sparking speculation the Federal Reserve may not have to be as aggressive about hiking interest rates as feared.
The S&P 500 was up 73 points at 4,196, or 1.8%, as of 12:30 Eastern Time, amid a widespread rally that launched after a report showed the nation's biggest economic challenge, inflation, slowed to 8.5% at the consumer level last month from 9.1% in June. Technology stocks, cryptocurrencies and others of the year's hardest-hit investments were some of the day's biggest winners.
The Nasdaq composite, whose many high-growth and expensive-looking stocks have been particularly vulnerable to interest rates, was up a market-leading 2.6%. Bitcoin rose 3.3% to top $24,000, and the Dow Jones Industrial Average was up 457 points, or 1.4%, at 33,231.
