Xinhua
14 Sep 2021, 21:35 GMT+10
NEW YORK, Sept. 14 (Xinhua) -- U.S. stocks opened higher on Tuesday as investors digested the newly-released consumer price index (CPI) report.
Shortly after the opening bell, the Dow Jones Industrial Average climbed 80.17 points, or 0.23 percent, to 34,949.80. The S&P 500 increased 14.54 points, or 0.33 percent, to 4,483.27. The Nasdaq Composite Index was up 60.89 points, or 0.40 percent, to 15,166.47.
Nine of the 11 primary S&P 500 sectors advanced in morning trading, with energy and financials up 0.7 percent and 0.6 percent, respectively, outpacing the rest. However, the consumer staples and the communication services groups struggled.
The above market moves came after data showed a key inflation reading that was tamer than expected.
The U.S. Bureau of Labor Statistics reported Tuesday that the country's CPI rose 0.3 percent in August for a 5.3-percent year-over-year gain, slightly below the 0.4-percent monthly consensus, but in line with the year-over-year consensus.
The core CPI, which excludes volatile food and energy prices, rose 0.1 percent in August for a 4.0-percent year-over-year increase, showed the report.
"There was cooling in price pressures in re-opening sectors like transportation and hotels that have been pushing up CPI the last few months, likely because demand weakened with the spread of the Delta variant," Chris Low and Will Compernolle, economists at FHN Financial, said Tuesday in a note.
"In fact, the same Delta variant causing prices to drop now will likely lead to price acceleration later, as global supply chains choke up again," they said, adding, "supply chain issues and labor shortages will keep price pressures in play throughout this year."
Inflation has been a focus on Wall Street in recent months, and it is also among the key economic indicators monitored by the U.S. Federal Reserve.
On Monday, U.S. stocks finished mixed, as a rally in the energy sector mainly offset the losses in the health care group.
Get a daily dose of Asia Bulletin news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Bulletin.
More InformationBRUSSELS, Belgium: Meta is holding firm on its controversial pay-or-consent model, a move that could lead to fresh antitrust charges...
LONDON, U.K.: American consumers and businesses could soon face the highest overall tariff burden in more than a century, according...
The family of Sayfollah Saif Musallet, a 20-year-old American citizen who was beaten to death by Israeli settlers in the occupied West...
CONCORD, New Hampshire: A federal judge in New Hampshire issued a crucial ruling on July 10 against President Donald Trump's executive...
DUBAI, U.A.E.: A cargo ship flagged under Liberia, known as the Eternity C, sank in the Red Sea following an attack executed by Yemen's...
WASHINGTON, D.C.: The Trump administration has started sending some weapons to Ukraine again, just a week after the Pentagon told officials...
NEW YORK CITY, New York: Bitcoin surged to a new all-time high this week, buoyed by growing institutional interest and a wave of pro-crypto...
SHENZHEN, China: As global chip competition intensifies, Huawei Technologies is exploring new markets in the Middle East and Southeast...
LONDON/NEW YORK CITY: American grocery bills may be headed higher as coffee and orange juice prices face upward pressure from new tariffs...
BATTLE CREEK, Michigan: In a major consolidation of iconic food brands, WK Kellogg has agreed to be acquired by the owner of Ferrero...
WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...