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11.06.2021 12:41 PM
Stocks surge amid rise in US CPI

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US stocks rallied on Thursday amid a strong report on consumer prices. Both S&P 500 and Nasdaq jumped to all-time highs, thanks to CPI rising more than expected.

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The report said consumer prices increased because of the stronger economic recovery.

In line with this, many wondered if the Federal Reserve will still maintain its ultra-soft policy, as doing so will raise the risk of overheating.

Anu Gaggar, senior research analyst at Commonwealth Financial Network, said: "the positive effects of the consumer price index are still there, but between the underlying effect and pent-up demand pressure, it probably doesn't provide a definitive answer to the debate on inflation. Instead, investors should monitor the bond market, especially since 10-year Treasury yields have returned to March levels, which indicates that the bond market is falling in line with the Fed's view that inflation is temporary and does not need a change in monetary stimulus."

Nine of the eleven major companies included in the S&P 500 index showed massive increase, with healthcare stocks leading the gains. Financial stocks, meanwhile, were the most unprofitable. All in all, S&P 500 climbed 0.6%.

As for Nasdaq, multinational companies such as Amazon, Microsoft and Apple made the largest contribution to further growth, pushing the index by 0.9%.

Investors should also pay attention to the G7 summit on Friday.

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