US stocks edged higher on Wednesday after November CPI inflation data boosted hopes for interest rates cut by the Federal Reserve later this month.
The Consumer Price Index (CPI) rose to 2.7 per cent in November from a year ago, up slightly from 2.6 per cent in October, the Labor Department said in a statement.
On a monthly basis, headline inflation rose 0.3 per cent, propped up by stubborn housing costs.
At 11:26 a.m. ET, the Dow Jones Industrial Average fell 9.26 points, or 0.02 per cent, to 44,238.61, the S&P 500 gained 46.31 points, or 0.77 per cent, to 6,081.22 and the Nasdaq Composite gained 291.54 points, or 1.48 per cent, to 19,978.78.
As of 10 am Eastern time, the S&P 500 gained 0.6 per cent, the Dow Jones
Industrial Average was down 0.1 per cent, and the Nasdaq Composite climbed 1.3 per cent.
At the opening bell, the Dow Jones Industrial Average rose 52.6 points, or 0.12 per cent, to 44,300.41. The S&P 500 rose 25.2 points, or 0.42 per cent, to 6,060.15, while the Nasdaq Composite rose 145.7 points, or 0.74 per cent, to 19,832.955.
In the bond market, the yield on the 10-year Treasury eased to 4.21 per cent from 4.23 per cent late on Tuesday. The 2-year Treasury yield fell to 4.11 per cent from 4.14 per cent.
Among the megacap stocks, Tesla edged up 1.8 per cent and Amazon.com gained 2 per cent.
Albertsons rose 0.5…
