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Inflation fears took a back seat - allowing Wall Street to have its best day in just over a week. The Dow rallied 165 points. The S&P 500 climbed 20 and the Nasdaq jumped 50. It was a mixed picture for the week. The Dow rallied less than a percent, the Nasdaq fell by a similar amount. Consumer prices in May rose by their biggest measure in six months - led by a jump in gasoline prices. But excluding volatile food and energy - the inflation picture was less worrisome. A small rise in the so-called core CPI matched forecasts - soothing fears inflation is out of control. A drop in crude prices also led to fewer inflation worries. Saudi Arabia is reportedly considering a significant boost in production to near record levels. A stronger dollar also helped knock oil prices lower. Crude settled the week under $135 a barrel. But high prices for food and energy continue to plague shopping attitudes. Consumer sentiment tumbled to fresh 28-year lows in early June, according to a Reuters...
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Inflation data fuels rally

Inflation fears took a back seat - allowing Wall... (more)
Channel:MediaScrape Category:Business Views:4
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