US stocks advanced and Treasury yields fell on Wednesday as investors shrugged off a higher than expected inflation report.
The benchmark S&P 500 equity index manage to carve out a 0.1 per cent gain by the closing bell in New York, after having dipped into negative territory. Traditionally defensive sectors such as utilities, consumer staples and healthcare were among the best-performing segments. The technology-focused Nasdaq Composite gained 0.3 per cent.
New data showed US consumer prices climbed at an annual rate of 3.7 per cent in August, up from 3.2 per cent in the previous month and marginally above analysts’ forecasts. Core inflation fell from 4.7 per cent to 4.3 per cent over the same period, in line with expectations, but surprised to the upside on a monthly basis, adding 0.3 per cent compared to July.
Read the full story on the Financial Times here.