The United States is moving towards an all-important presidential election this year, and every development, especially at the economic front, will looked at with utmost care. In a recent development on the economic front, the US inflation data for the month August was released on September 11.
US Inflation Rate
In this, the consumer price index or CPI, stood at 2.5 per cent for the month of August. This CPI rate is lower than the previous month's (July) 2.9 per cent.
This has also brought about some positivity at the stock markets, as Wall Street smells a tranche of interest rate cuts by the US Federal Reserve.
The Dow Jones Industrial Average ended in green with marginal gains. The S&P 500 made major gains before closing, while the Nasdaq Composite ended the day with the biggest gains.
US Markets React To Inflation Data
Dow Jones Index
The Dow Jones gained 0.31 per cent or 124.75 points. The marquee index with a history of over 100 years closed on 40,861.71 points.
S&P 500
When we come to the S&P 500 index, the story is only greener, as the index gained 1.07 per cent or 58.61 points. The index saw steady growth throughout the intraday trade. The index closed for the day's trade on 5,554.13 points.
Nasdaq Composite
The tech-heavy Nasdaq composite also saw a major boom in its prospects. Nasdaq made gains of over 2 per cent, closing the day with an increase of 2.17 per cent or 369.65 points. This took the overall tally to 17,395.53 points.
Russell 2000
In addition, the Russell 2000 Index, which is an index that caters to the crucial 2000 small-scale and small-cap companies, also ended in the green, however with marginal gains. The index closed at 2,103.85 points. The index rose by 0.31 per cent or 6.41 points in the bargain.
