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Wall Street jittery, but bolstered by new inflation data

New York Post
Wall Street jittery, but bolstered by new inflation data

Wall Street remained jittery a day after the Dow dropped more than 800 points, but stocks avoided a major selloff as fresh inflation data looked tamer than expected. Consumer prices rose 0.1 percent last month, according to the Bureau of Labor Statistics, while polls of economists had expected a 0.2 percent increase. “The inflation number today was a positive one for the markets,” Jack Ablin, chief investment officer at Cresset Wealth Advisors, told The Post. “It sent the message that ‘Look, we need to get rates back to normal, but there doesn’t appear to be an urgency to do it.’” The positive news briefly sent the Dow Jones industrial average into positive territory, to 25,666.38, in mid-morning,