Dow Up 132 on Wholesale Price News

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An unexpected drop in wholesale prices sent stocks soaring Tuesday, with the Dow Jones industrials climbing more than 130 points as Wall Street gained confidence in the Federal Reserve’s management of inflation and the economy, the Associated Press reports.


Prices at the wholesale level, with food and fuel prices removed, fell 0.3 percent in July, according to the Labor Department, the best showing for core inflation in nine months. Including energy and food, wholesale prices edged up 0.1 percent, well below the 0.5 percent jump in June.


According to preliminary calculations, the Dow Jones industrial average rose 132.39, or 1.19 percent, to 11,230.26.

Broader stock indicators also advanced. The Standard & Poor’s 500 index rose 17.37, or 1.37 percent, to 1,285.58, while the Nasdaq composite index gained 45.97, or 2.22 percent, to 2,115.01.


Read the full Associated Press story

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