Wall Street closed higher on positive inflation data, tech and discretionary stocks led the gains.

From Nasdaq: 2025-01-16 09:18:00

Wall Street closed higher on Wednesday, driven by tech, discretionary, and financial stocks after positive inflation data. The Dow rose 1.7%, Nasdaq gained 2.5%, and the S&P 500 increased by 1.8%. The Consumer Price Index for All Urban Consumers rose 0.4% in December, with core CPI up 0.2%. The Fed’s New York Empire State Manufacturing Survey index for January was a negative 12.6. U.S. crude oil inventories decreased by 2 million barrels.

The U.S. 10-year treasury yield fell from a 14-month high to 4.657%. Israel and Hamas reached a ceasefire deal in Gaza, ending 15 months of bloodshed. The deal involves a six-week ceasefire and hostage exchange. Tech and discretionary stocks saw a boost following the inflation report, with Amazon and NVIDIA shares rising. The Fed is expected to announce a rate cut in June.

Zacks named a #1 semiconductor stock with strong growth potential in AI, ML, and IoT markets. Global semiconductor manufacturing is projected to grow to $803 billion by 2028. For more stock recommendations, download 7 Best Stocks for the Next 30 Days from Zacks. Amazon.com, Inc. (AMZN) and NVIDIA Corporation (NVDA) offer free stock analysis reports.



Read more at Nasdaq: Stock Market News for Jan 16, 2025