US stocks surged on Tuesday, with the S&P 500 reaching a new record high, the Nasdaq Composite rebounding from recent losses, and the Dow Jones Industrial Average also making gains. This positive movement in the market came after the release of key inflation data.
Treasury yields saw an increase, with the 10-year yield hovering around 4.15%, while gold prices experienced a dip of more than 1%. The Consumer Price Index release revealed higher than expected inflation, with core CPI rising by 0.4% on the month and 3.1% on the year.
Federal Reserve policymakers are keeping a close eye on inflation data as they consider potential interest rate cuts. This data will play a crucial role in their decision-making process moving forward.
Meanwhile, Bitcoin continued its rally, surpassing $72,000 and showing a remarkable 70% gain since the beginning of the year. This upward movement in the cryptocurrency market continues to attract investors and garner attention.
Additionally, Oracle shares jumped approximately 12% due to advancements in cloud computing and a collaboration with Nvidia. This positive development in the tech sector contributed to the overall bullish sentiment in the market.
Overall, the stock market’s performance on Tuesday demonstrated resilience and optimism, driven by a combination of factors including inflation data, interest rate speculation, and specific company news. Investors will be closely monitoring these trends in the days to come.
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