U.S. stocks closed higher on Thursday, with tech-related momentum stocks leading the charge, as fresh economic data rekindled hopes that inflation remains in a cooling trend.
NEW YORK, April 11 -
The Producer Prices index came in softer than expected, supporting the narrative that price growth is still cooling. "There’s a suggestion that the inflation numbers the Fed really cares about - the PCE numbers - aren't going to be quite as dire as CPI," Nick added. "And the parts of the market that were most punished yesterday are having a bit of a comeback today."While the PPI data was more encouraging, the data did indicate that inflation's journey down toward the central bank's annual 2% target might be too meandering for the Fed.
The Nasdaq Market site is seen on the day that shares of Truth Social and Trump Media & Technology Group start trading under the ticker "DJT", outside the Nasdaq Market site in New York City, U.S., March 26, 2024. REUTERS/Brendan McDermid/FILE PHOTOInvestors now switch their focus to first-quarter earnings season, with results from three major U.S. banks - JPMorgan Chase & Coslid 9.
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