October 7, 2022


Skillful Business Crafters

Stock Market Today – 1/12: Stocks Finish Higher Despite December Inflation Surge

  • Stocks end higher despite December inflation data.
  • Headline inflation hits 7{614c55998ee2f2593d42882a86444f5648ce8ae9e914fe55020881091372b47b}, the highest since 1982, while core CPI jumps to 5.5{614c55998ee2f2593d42882a86444f5648ce8ae9e914fe55020881091372b47b}.
  • Oil prices reach pre-Omicron levels after API reports 1 million barrel decline in domestic crude stocks
  • Biogen stock slumps as Medicare limit coverage for key Alzheimer’s treatment.
  • Take-Two stocks gains as BMO touts mobile revenue potential from $12.7 billion Zynga takeover 
  • Benchmark 10-year note yields hold at 1.73{614c55998ee2f2593d42882a86444f5648ce8ae9e914fe55020881091372b47b}

Updated at 4:13 pm EST.

Stocks finished higher Wednesday as investors digested a key reading of December inflation that showed the fastest surge in consumer prices in nearly four decades.

The Dow Jones Industrial Average finished up 38 points, or 0.11{614c55998ee2f2593d42882a86444f5648ce8ae9e914fe55020881091372b47b}, to 36,290, while the S&P 500 gained 0.28{614c55998ee2f2593d42882a86444f5648ce8ae9e914fe55020881091372b47b}, and the tech-focused Nasdaq rose 0.23{614c55998ee2f2593d42882a86444f5648ce8ae9e914fe55020881091372b47b}.

The benchmark 10-year Treasury note yields eased to 1.73{614c55998ee2f2593d42882a86444f5648ce8ae9e914fe55020881091372b47b} following the CPI data.

However, with the headline reading of 7{614c55998ee2f2593d42882a86444f5648ce8ae9e914fe55020881091372b47b} largely matching Wall Street’s forecasts, and investors predicting a near-term peak for core-price increases, stocks extended gains following the data release.