U.S. stocks experienced a mixed day on Wednesday. While the Nasdaq Composite climbed to a new record high, the Dow Jones Industrial Average struggled to recapture its momentum after November’s consumer price index inflation data met expectations.
The Dow finished the day down by 99.27 points, or 0.2%, settling at 44,148.56. This marked its fifth consecutive decline, reaching its lowest point since November 21, according to preliminary counts.
The S&P 500, however, managed to edge up, gaining 49.28 points, which translates to a 0.8% increase, closing at 6,084.19. In an even more notable rise, the Nasdaq Composite surged by 347.65 points, or 1.8%, closing at 20,034.89. This marked the 37th time this year that the Nasdaq has closed at a record high.
These movements also allowed the S&P 500 and Nasdaq to break their three-day losing streaks, showing some signs of recovery.
Economists Andy Schneider and Britney Jackson from BNP Paribas weighed in on the day’s inflation report, describing it as “imperfect, but good enough.” They believe this data could justify a rate cut by the Federal Reserve during their meeting next Wednesday.
