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Drop in inflation in the US raises Wall Street indexes to a record
The three emblematic indexes of the New York Stock Exchange closed today in uncharted territory, with investors celebrating the reduction of the inflation rate in the US in April and with increased confidence in the short-term reduction of the interest rate.
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Economia Economia
The final results of the session indicate that the selective Dow Jones Industrial Average gained 0.88%, the technological Nasdaq advanced 1.40% and the broad S&P50 progressed 1.17%.
"It was because of the good news about inflation, which came out better than expected and even fell in annual terms," commented Peter Cardillo, from Spartan Capital.
The consumer price index (CPI) in the US indicated a positive variation in prices, in monthly terms, of 0.3% in April, below the 0.4% expected by analysts.
In annual terms, inflation was 3.4%, below the 3.5% of March, in what was the first reduction in the rate since January.
The prospect of a cut in the Federal Reserve's (Fed) benchmark interest rate this year was reinforced by this weakening in price growth, which caused the dollar to fall by 0.66% against major currencies, around 8:00 pm GMT.
Another factor that helped stock prices was "the fact that retail sales were weaker than expected," Cardillo noted.
"This indicates that consumers are starting to feel the weight of high interest rates. If consumers reduce their spending, that should help curb inflation," he said.
Retail sales stagnated in April, when analysts expected an expansion of 0.4%.
"If we have one or two more good pieces of news on the inflation front, the Fed could cut the interest rate at least once, maybe twice, this year," Cardillo predicted.
Read Also: Portuguese tourism in Brazil grows 13.8% in the first 4 months of the year (Portuguese version)
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