Wall Street's main indexes advanced on Wednesday as long-term U.S. Treasury yields continued to retreat, while investors shrugged off hotter-than-expected inflation data and awaited minutes from the Federal Reserve's last policy meeting.
increased more than expected in September amid higher costs for energy products, but underlying inflation pressures at the factory gate continued to moderate.
"The market is responding as if this were essentially a non-event, something that had been anticipated and not something that would cause the Fed to change their inflationary direction," said Sam Stovall, chief investment strategist at CFRA Research. Focus now turns to minutes from the Fed's September meeting at 2 p.m. ET and Thursday's consumer inflation data for clues on the interest rate outlook.on Wednesday repeated her view that despite "some progress" on inflation, the central bank will probably need to tighten monetary policy further to restore price stability.
Other central bank officials such as Fed Governor Christopher Waller, Atlanta Fed President Raphael Bostic and Boston Fed President Susan Collins are also scheduled to speak on Wednesday.Israel's death toll reached 1,200 with more than 2,700 wounded, its military said, while retaliatory strikes on the blockaded enclave have killed 1,055 people and wounded 5,184, according to Palestinian officials.on the New York Stock Exchange will also be keenly watched.
The S&P index recorded eight new 52-week highs and two new lows, while the Nasdaq recorded 19 new highs and 36 new lows.Exxon Mobil has agreed to buy U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the Permian Basin.
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