The US stock market rallied to records on Tuesday after data suggested inflation across the country was a touch better last month than economists expected. Stocks got a lift from hopes that the inflation report will give the Federal Reserve leeway to cut interest rates at its next meeting in September.
- The Dow rose 483.52 points, or 1.1%, to 44,458.61.
- The S&P 500 rose 72.31 points, or 1.1%, to 6,445.76.
- The Nasdaq rose 296.50 points, or 1.4%, to 21,681.90.
Lower interest rates would give a boost to investment prices and to the economy by making it cheaper for US households and businesses to borrow to buy houses, cars, or equipment, the AP reports. President Trump has angrily been calling for cuts to help the economy, often insulting the Fed's chair personally while doing so. But the Fed has been hesitant because of the possibility that Trump's tariffs could make inflation much worse. Lowering rates would give inflation more fuel. So Fed officials have said they want to see more data come in about inflation before acting.
On Tuesday, Intel's stock rose 5.6% after Trump said its CEO has an "amazing story," less than a week after he had demanded Lip-Bu Tan's resignation. Circle Internet Group, the company behind the popular USDC cryptocurrency that tracks the US dollar, climbed 1.3% despite reporting a larger loss for the latest quarter than analysts expected. It said its total revenue and reserve income grew 53% in its first quarter as a publicly traded company, which topped forecasts. On the losing side was Celanese, which sank 13.1% even though the chemical company delivered a better profit than expected. Cardinal Health dropped 7.2% despite likewise reporting a stronger profit for the latest quarter than analysts expected. Its revenue fell short of forecasts, and analysts said the market's expectations were particularly high after the company's stock soared 33.3% for the year coming into the day.
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