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Wall Street finished higher after a tame inflation report fueled hopes interest rates will remain low. The Dow gained 66 points. The S&P 500 rose 5 and the Nasdaq was little changed. The consumer price index rose less than expected in April as a statistical drop in gasoline prices offset a spike in other energy costs. And when volatile food and energy prices were stripped out - prices barely moved at all. A benign inflation picture means the Federal Reserve does not have to be in a rush to lift interest rates. Macy's added to the rally after the department store operator stood by its full-year targets despite posting a quarterly loss. Shares of Macy's climbed 3.6 percent. But Deere was not so lucky. The farm equipment company lost roughly a tenth of its value after warning it may have to downgrade full-year forecasts. A rally in the dollar made for a lousy day in the commodities market. For oil: the easing of supply concerns added to its malaise. Iran said it would not stop...
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Dow rises 66 points

Wall Street finished higher after a tame inflation... (more)
Channel:MediaScrape Category:Business Views:6
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