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Better inflation data lifts S&P 500 as Tesla rises

By AFP

June 13, 2024 09:21 PM


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Wall Street stocks mostly rose Thursday following data showing easing US inflation, while Tesla surged after CEO Elon Musk claimed victory in a closely watched shareholder vote.

The producer price index declined by 0.2 percent in May down sharply from a 0.5 percent rise seen in April and very different from the 0.1 percent increase that had been predicted.

The report adds to confidence that pricing pressures are receding.

About 15 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 38,495.90.

The broad-based S&P 500 added 0.2 percent at 5,431.36, while the tech-rich Nasdaq Composite Index gained 0.7 percent to 17,734.51.

The improved producer price figures come on the heels of Wednesday's better consumer price data, which together are "net bullish" for stocks, said Adam Sarhan of 50 Park Investments.

"It means the Fed has more room to cut rates if it wants to," Sarhan said of the US central bank's posture on interest rates.

Among individual stocks, Tesla jumped around six percent after Musk said shareholders backed his proposed compensation plan of up to $56 billion, as well as a transfer of the carmaker's place of incorporation from Delaware to Texas.

Markets had viewed a defeat as a potential negative for Tesla if Musk had chosen to exit the company.

 

 

 

 


AFP


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