Wall Street drifted to a mixed close on Thursday after a hotter-than-expected inflation report forced investors to push back forecasts for when the Fed will deliver long-sought cuts to interest rates.
- The Dow rose 15 points to 37,711.
- The S&P 500 slipped 3 points to 4,780.
- The Nasdaq rose less than a single point to 14,970.
"Today's inflation report reinforces the notion that the market had gotten a little overexcited around the timing of rate cuts," said Seema Shah of Principal Asset Management, per the AP. "These are not bad numbers, but they do show that disinflation progress is still slow and unlikely to be a straight line down to 2%." Of note in the market, Citigroup lost 1.9% after it detailed a list of charges it will take against its fourth-quarter results, related to everything from Argentina's troubled economy to a previously disclosed special assessment by the Federal Deposit Insurance Corp. Hertz Global Holdings sank 4.1% after it said it expects to record a drop in the fourth quarter.
In cryptocurrencies, the price of bitcoin was swinging a day after US regulators allowed for the trading of the first exchange-traded funds that hold the digital currency rather than just futures related to it. Bitcoin rose to $49,000 at one point in the morning but was back just above $46,000 Thursday afternoon. Coinbase Global, which will keep custody of bitcoins for some of the ETFs, climbed at the start of trading but then gave up the gains.
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