Dow Jones, S&P rally to records after inflation data - Fox Business

GraniteShares founder and CEO Will Rhind gives his take on dropping major investments.

U.S. stock indexes hit record highs Wednesday as investors digested the latest consumer price index report. 

The Dow Jones Industrial Average rose 158 points, or 0.45%, while the S&P 500 index and the Nasdaq Composite index advanced 0.24% and 0.12%, respectively. The early gains extended the record highs set by the Dow and the S&P on Tuesday. 

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	35435.58	+170.91	+0.48%
SP500	S&P 500	4439.02	+2.27	+0.05%
I:COMP	NASDAQ COMPOSITE INDEX	14716.285799	-71.80	-0.49%

The July consumer price index showed prices jumped 5.4% annually, matching June's reading for the fastest increase since August 2008. Prices were up 0.5% month over month, slowing from the 0.9% gain in June. 

CONSUMER PRICES RISE 5.4% ANNUALLY IN JULY

In stocks, cyclicals that would benefit from infrastructure spending, including Caterpillar Inc., Cleveland-Cliffs Inc. and Nucor Corp., continued to outperform. 

Ticker	Security	Last	Change	Change %
CAT	CATERPILLAR, INC.	218.67	+4.82	+2.25%
CLF	CLEVELAND-CLIFFS, INC.	25.55	-0.47	-1.79%
NUE	NUCOR CORP.	121.72	+3.76	+3.19%

Boeing Co. completed a test flight in China for its 737 Max jet, which has been grounded in the country for two and a half years. It is unknown when the aircraft will be allowed to return to service. 

Ticker	Security	Last	Change	Change %
BA	THE BOEING CO.	236.89	+1.17	+0.50%

In deals, cybersecurity company NortonLifeLock Inc. agreed to buy London’s Avast Plc for as much as $8.6 billion in cash and stock. The deal, if closed, would form a cybersecurity behemoth that provides service for more than 500 million customers. 

Ticker	Security	Last	Change	Change %
NLOK	NORTONLIFELOCK, INC.	26.31	+2.16	+8.94%

In earnings, crypto exchange Coinbase Global Inc. reported quarterly profit that exceeded Wall Street estimates as trading volumes surged 38% from a year ago. The company forecast a year-over-year decline in trading volumes for the current quarter. 

Ticker	Security	Last	Change	Change %
COIN	COINBASE GLOBAL, INC.	283.34	+13.67	+5.07%

Wendy’s Co. said same-store sales increased 16.1% year over year, ahead of analysts’ expectations, as reduced restrictions provided a lift. The fast-food chain also raised its forecast for global system-wide sales.

Ticker	Security	Last	Change	Change %
WEN	THE WENDY'S CO.	22.74	+0.71	+3.22%

In commodities, West Texas Intermediate crude oil slid 62 cents to $67.67 a barrel after the White House called on OPEC to increase production to support the economic recovery. Meanwhile, gold rose $15.40 to $1,747.10 an ounce. 

Overseas markets were broadly higher. 

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Britain’s FTSE 100 paced the gains in Europe, trading up 0.67%, while France’s CAC 40 and Germany’s DAX 30 advanced 0.6% and 0.59%, respectively. 

In Asia, Japan’s Nikkei 225 climbed 0.65%, Hong Kong’s Hang Seng index jumped 0.2% and China’s Shanghai Composite edged up 0.08%. 

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Dow Jones, S&P rally to records after inflation data - Fox Business
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