Wall Street closed this Wednesday in mixed territory, and its main indicator, the Dow Jones Industrial Average, fell by 0.20% after it was announced that there was a rebound in inflation in the United States in August. After the completion of trading on the New York Stock Exchange, the Dow Jones was at 34,575.5 points, while the selective S&P 500 rose 0.12% to 4,467.4 points. The Nasdaq Composite Market Index, which includes technology companies, rose by 0.29% to 13,813.6 units.
The inflation rate in the USA rose by five tenths in August and was 3.7%, marking the second straight month of year-over-year price increases, according to the Bureau of Labor Statistics. The data appears to confirm that inflation’s downward trend of more than a year has been broken, which will be key to the Federal Reserve’s next monetary policy meeting, which will be celebrated next week.
At monthly intervals, Consumer prices rose 0.6% compared to July. Analysts point out that the recent rise in energy prices is the reason for the increase, but clarify that the central bank will most likely keep interest rates in the same range.
By sector, the largest increases were seen in public service companies (1.2%) and non-essential goods (0.9%), while real estate companies (-1.03%) and energy companies (-0.76%) fell. Among the 30 companies in the Dow Jones, the 5.69% decline at industrial company 3M, which forecast lower growth for 2024, stood out. They also gave up Caterpillar (-2.09%), Dow Inc. (-1.51%), and Foreclosure (-1.29%), while the most popular were Microsoft (1.29%), Honeywell (1.26%), and Goldman Sachs (1.23%).
In other markets
In other markets, Texas oil fell to $88.52 a barrel, and at the close, the 10-year bond fell to 4.256%, gold fell to $1,931.3 an ounce, and the dollar gained ground against the euro, with an exchange rate of 1.0729.