Stocks rose higher on Thursday after December's consumer price index (CPI) report showed inflation cooled last month, boosting market optimism that the Federal Reserve will soon slow interest rate hikes. The Dow Jones Industrial Average climbed over 200 points, while the S&P 500 Index and Nasdaq Composite added 0.3% and 0.6%, respectively.
Here's how the market settled on Thursday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Thursday's moves came after data from the Bureau of Labor Statistics showed prices last month decreased 0.1% month-to-month and increased 6.5% at an annual clip; the data was inline with economist expectations.
Moreover, so-called Core CPI, which excludes food and energy prices, rose by 0.3% month-to-month in December and 5.7% annually -- also in-line with economist forecasts.
December's CPI data is considered the last major inflation report the Federal Reserve will consider before its next monetary policy meeting on January 31. Policymakers have reiterated in recent weeks that they do not plan to ease the central bank's hawkish monetary policy, with Fed Chair Jerome Powell stressing on Tuesday that the Fed will take all necessary actions to stabilize prices, even if they are unpopular.
Elsewhere in economic data, initial jobless claims for the first week of 2023 came in at a less-than-expected 205,000, compared to expectations of 215,000. Moreover, continuing unemployment filings also decreased week-to-week to 1.63 million from 1.694 million in the prior week.
For stocks, Disney
Meme stock investors continued to buy up shares of retailer Bed Bath & Beyond
On the earnings front, KB Home
Looking ahead, big banks like JPMorgan, Bank of America