The Nasdaq piled on almost 2% to close above 20,000 points for the first time. Photo / 123RF
American and European stock markets mostly rose on Wednesday (US time) after inflation data cemented expectations that the US Federal Reserve will trim interest rates next month.
While the Dow fell slightly, the other two major US indices advanced, led by the tech-rich Nasdaq, which piled on almost 2% to close above 20,000 points for the first time.
The consumer price index (CPI) rose to 2.7% last month from a year ago, up slightly from 2.6% in October.
“With the CPI numbers broadly in line, it is likely that the Fed will not be derailed and will cut rates again next week,” Jochen Stanzl, chief market analyst at CMC Markets.
“The data is not a show-stopper for the current bull run on Wall Street,” he added.