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By Noel Randewich and Sruthi Shankar (Reuters) - The S&P 500 and Nasdaq ended sharply higher on Friday, extending a rally started the day before after a soft inflation reading raised hopes the Federal Reserve
* U.S. consumer prices increase less than expected... | November 10, 2022
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window) * U.S. consumer prices increase less than expected in Oct * ...
The tech-heavy Nasdaq surged 5% on Thursday as data showed U.S. consumer prices increased less than expected in October, spurring hopes that the Federal Reserve might scale down the size of its future interest rate hikes. The Labor Department said consumer prices advanced 7.7% in the 12 months through October, while the core rate, which excludes volatile food and energy prices, increased 6.3% on a year-on-year basis last month. Economists polled by Reuters had expected the CPI and core number to rise 8% and 6.5%, respectively.
By Amruta Khandekar and Devik Jain