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U.S. stocks rose Wednesday as investors cheered economic data indicating inflation is falling.
The Dow Jones Industrials retook 96.94 points at 36,221.50.
The S&P 500 came back to life 10.35 points to 4,577.53.
The NASDAQ gained 25.73 points to 14,255.64.
The advances come on the back of the latest batch of economic data. A drop in labour costs boded positively for the path of inflation, while a jump in productivity signaled the potential for the economy to skirt a recession. Private payroll data from ADP offered the latest indication that the job market, long considered a pain point for the Federal Reserve, was easing.
Cloud company Box tumbled nearly 9% after reporting third-quarter results that came in below analyst expectations. On the other hand, homebuilder stock Toll Brothers gained more than 3% after exceeding expectations on the top and bottom lines.
Prices for the 10-year Treasury picked up ground, dropping yields to 4.11% from Tuesday’s 4.17%. Treasury prices and yields move in opposite directions.
Oil prices faded $1.50 to $70.82 U.S. a barrel.
Gold prices regained $7.90 to $2,044.20.
