NEW: Wall Street staged its biggest comeback in years, as stocks roared back from steep morning losses caused by a worse-than-expected report on inflation.
A currency trader talks on the phone at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Oct. 13, 2022. Asian stock markets fell Thursday ahead of an update on U.S. inflation that investors worry will reinforce the Federal Reserve's plans for more aggressive interest rate hikes. Wall Street staged its biggest comeback in years Thursday, as stocks roared back from steep morning losses caused by a worse-than-expected report on inflation.
The slump didn't last. Stocks shot up, driving the Dow up 827.87 points, or 2.8%, at 30,038.72. The Nasdaq climbed 232.05 points, or 2.2%, at 10,649.15. The benchmark S They're the latest jagged, back-and-forth moves for markets, which have been swinging sharply due to all the uncertainties about economies around the world and how badly higher interest rates will hurt them.
Young noted that the drop in the dollar relative to other currencies, like the British pound, could be a tailwind for stocks, but not enough to cause such a sharp turnaround in the market.Most investors came into the morning already expecting the Fed to hike its key overnight interest rate by three-quarters of a percentage point next month, which would be its fourth straight hike that was triple the usual size.
The overall Consumer Price Index, also called CPI, was 8.2% higher in September than a year earlier, versus August’s 8.3% inflation.
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