Stocks Rebound to 2022 High as Inflation Cools and Fed Meets
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Stocks rebounded Tuesday, with the S&P 500 rising to its highest level since January 2022, after data showed inflation continued slowing in November.
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The Nasdaq rose 0.7% Tuesday, the S&P 500 rose 0.5%, and the Dow gained 0.5% to close just below its record high.
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Inflation ticked down slightly in November, with the consumer price index rising 0.1% versus no change in October. Core CPI rose 0.3% after a 0.2% increase last month.
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The Federal Reserve meets Wednesday and is expected to announce no change to interest rates, but markets will watch Chair Powell's comments closely.
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Top stock movers Tuesday included Broadcom, Incyte, Oracle, Johnson Controls and Lucid Group. Oracle shares sank over 12% on disappointing sales.