Wall Street up on growth stocks, in focus

Jan 11 (Reuters) – Wall Street’s major indexes edge higher on growth stocks on Wednesday as investors shift their focus to the US consumer price index, which will weigh how aggressively the Fed will raise rates this year.

Nearly all of the S&P’s major industry indexes are trading in positive territory, with monetary-sensitive Amazon.com Inc and Tesla Inc among the gainers, which jumped 3.3% and 3.8%, respectively.

The growth of both companies pushed the consumer goods sector up almost 2%. The exception was the health sector, which declined slightly.

In 2023, markets have regained optimism on hopes that a slowdown in the US economy could pave the way for a less hawkish Fed monetary stance.

The release of the US inflation report is scheduled for Thursday. As expected by market participants, it will show that consumer prices in the United States rose by 6.5% in annual terms compared with 7.1% a month earlier, while core inflation was 5.7% versus 6% in November.

The Dow Jones index rose by 0.18% to 33.763.27 points by 18:45 Moscow time, the S&P 500 index – 0.47% to 3.937.54 points, and the Nasdaq rose by 0.72% to 10.820.17 points.

Despite disappointing quarterly results, shares of Bed Bath & Beyond Inc, a home goods retailer, soared 50.7%, picking up gains the day before as investors speculated the company could be a takeover target and traders covered short positions.

The original message in English is available at the code: (Shubham Batra and Amruta Khandekar in Bangalore, translated by Tomas Kanik)


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