Wall Street bull replica inaugurated in Sao Paulo, Brazil
NEW YORK (AP) — Wall Street soared to its best day in more than two years after a report showed U.S. inflation eased last month.
The S&P 500 surged 5.5% Thursday, and the Nasdaq packed a year’s worth of gains into one day by roaring 7.4% higher as investors took the data as a sign that the worst of high inflation may have finally passed. Even bitcoin rose on hopes a slowdown in inflation could mean the Federal Reserve won’t have to be so aggressive about raising rates.
Such hikes have been the main reason for Wall Street’s troubles this year and are threatening a recession.
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