U.S. stocks closed higher today. and this was with tech-related momentum stocks leading the charge. also fresh economic data rekindled hopes that inflation remains in a cooling trend.
The Producer Prices index (PPI) increased at the fastest pace in a year but still softer than expected.
Richmond Fed President Thomas Barkin said the central bank is not yet confident pricing pressures will continue to ease.
Investors now switch their focus to first-quarter earnings season, with results from three major U.S. banks – JPMorgan Chase & Co, Citigroup Inc, and Wells Fargo – due Friday morning. we’ll have that for you as well tomorrow
Another key U.S. inflation gauge increased last month.
This is adding to concerns that high inflation and high interest rates will be sticking around.
The Labor Department reported that its producer price index increased last month at its fastest pace in a year.
it rose two-point-one percent for the 12 months ending in March.
This number measures inflation at the wholesale level before it reaches customers.
The PPI is a potential signal for prices consumers will end up paying.
The acceleration in the prices producers pay for goods and services highlights the persistence of inflation.
