Wall Street Rises as Inflation Cools
Wall Street indexes climbed on Wednesday after softer inflation data and strong economic growth eased fears of an imminent Federal Reserve rate hike. Megacap stocks advanced while Treasury yields held steady.
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Wall Street's main indexes gained during Wednesday morning trading, lifted by a softer-than-anticipated inflation reading that lowered expectations for near-term interest rate hikes. The Commerce Department reported that the PCE price index stood at 3.4% on an annual basis in August, falling short of the 3.7% estimate.
