US stocks edged higher on Wednesday, a day after inflation worries led to their worst trading day since June 2020.
The Dow Jones Industrial Average rose 30.12 points, or 0.1%, to 31,135.09. The S&P 500 was up 13.32 points, or 0.34%, to 3,946.01 and the Nasdaq Composite was up 86.10 points, or 0.74%, to 11,719.68.
Wednesday’s trend reversal came a day after the Dow fell nearly 4%, the S&P 4.3% and the tech-heavy Nasdaq 5.2% after the August CPI report showed inflation came in higher than expected.
“This report will keep the Fed fully focused on enemy number one – inflation. Indeed, earlier this year Fed Chairman Powell said that the current backdrop is ‘no time for wildly nuanced inflation assessments’ and the Fed will continue to tighten policy until inflation is ‘convincingly coming down’,” wrote Keith Lerner, chief markets strategist at Truist Advisory Services, in a note to clients early Wednesday.
Stocks that rose included Uber (UBER), which closed at $33.05, up $1.73, or 5.52%. Tesla (TSLA) shares rose $10.48, or 3.59%, to close at $302.61.
https://www.ibtimes.com.au/stock-market-today-dow-rebounds-after-worst-trading-day-nearly-3-years-1838363?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Dow rebounds after worst trading day in nearly 3 years