The biggest jump in consumer inflation in decades didn’t scare investors. Stocks rose Wednesday after that price data turned out not to be not as hot than some on Wall Street had feared.
Gerber Kawasaki Founding Partner Hatem Dhiab:
"I think it actually was better than feared. I think everyone expected worse and we got relatively. You know in line or or better numbers and I think that it's it's funny how markets work. "
A retreat in bond yields helped big cap tech stocks extend their rebound this week, but cyclical stocks also rallied.
The Dow rose a modest 38 points. The S&P 500 and Nasdaq added about a quarter percent.
Healthcare stocks were the biggest drag on the S&P. Biogen shares dropped almost 7% after the U.S. government’s Medicare program said it will limit access to its Alzheimer treatment, Aduhelm, to patients who are enrolled in a clinical trial. Shares of Eli Lilly also fell because it is developing similar drugs.
It'll be “remote first” for workers at Robinhood Markets. The online trading platform plans to move a majority of its employees to remote work on a permanent basis. That announcement failed to lift its beleaguered shares.