BUSINESS US stocks end mixed amid CPI report

BUSINESS

US stocks end mixed amid CPI report

Xinhua

07:06, August 12, 2021

NEW YORK, Aug. 11 (Xinhua) -- U.S. stocks finished mixed on Wednesday as investors parsed the nation's July Consumer Price Index (CPI) data.

File photo: Xinhua

The Dow Jones Industrial Average increased 220.30 points, or 0.62 percent, to 35,484.97. The S&P 500 rose 10.95 points, or 0.25 percent, to 4,447.70. The Nasdaq Composite Index was down 22.95 points, or 0.16 percent, to 14,765.14.

Ten of the 11 primary S&P 500 sectors ended in green, with materials up 1.42 percent, leading the gainers. Health care slipped 0.97 percent, the lone declining group.

U.S.-listed Chinese companies traded mostly lower with six of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

The U.S. CPI, a measure on inflation, rose 0.5 percent in July for a 5.4-percent year-over-year gain, the Department of Labor reported Wednesday, roughly in line with market estimates.

The so-called core CPI, which excludes energy and food, rose 0.3 percent last month for a 4.3-percent year-over-year increase, showed the report.

"Inflation was high in July and should stay high on a year-on-year basis for the rest of the year and into the beginning of 2022," Chris Low and Will Compernolle, economists at FHN Financial, said Wednesday in a note.

"Supply chain bottlenecks should continue to lead to price pressures," they said.

The U.S. July producer price index, another key measure of inflation, is slated for Thursday.

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