Wall Street Gains as Rate Hike Bets Rise
Wall Street advanced as strong consumer price data reinforced expectations that the Federal Reserve will raise interest rates next week. Oil prices retreated while major tech stocks rose.
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Wall Street closed higher Friday afternoon as oil prices retreated and consumer price data reinforced expectations of an upcoming Federal Reserve rate hike. The S&P 500 rose 0.86% to finish at 7,656.98 points, while the Nasdaq gained 0.96% to 26,333.04 points. The advance followed recent market nervousness surrounding rising long-term Treasury yields and aggressive spending on artificial intelligence infrastructure.
