U.S. stocks open solidly higher after Friday's hot inflation reading

Tiger Newspress2021-12-10

The major averages rose on Friday, extending Wall Street’s strong rally this week, despite inflation hitting a 39-year high.

The Dow Jones Industrial Average rose 158 points, or 0.4%. The S&P 500 rose 0.6% and the technology-focused Nasdaq Composite added 0.72%.

Inflation soared 6.8% year-over-year in November to fastest rate since 1982, the Labor Department said Friday. The print came in slightly higher than the 6.7% Dow Jones estimate. The consumer price index, which measures the cost of a wide-ranging basket of goods, rose 0.8% for the month.

Oracle shares soared, gaining more than 17%, a dayafter beating earnings on the top and bottom lines.

Southwest Airlines dropped 2.5% following another downgrade on Wall Street, this time from Goldman Sachs. The industry has been deemed susceptible to inflation risk.

Interactive fitness company Peloton added to its woes, dropping 2% after tumbling 11.3% on Thursday. Credit Suisse cut its view on the company, saying a return to gyms and shifts in consumer spending will weigh on profitability.

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  • Cub88
    2021-12-11
    Cub88
    Jump! 
  • EmeraldRose6
    2021-12-11
    EmeraldRose6
    [Like] 
  • Jypsy
    2021-12-11
    Jypsy
    👍
  • seojun
    2021-12-11
    seojun
    Defying gravity
  • EHG
    2021-12-11
    EHG
    Like 
  • JeremyKok
    2021-12-11
    JeremyKok
    Will it go down next week after hitting record high this week? Do your own due diligence before you invest.
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