New York CNN —The Dow reached a new high for the year Thursday as easing inflation data and strong third quarter earnings from Salesforce shot the benchmark index 520 points, or 1.5% higher.
The S&P 500 rose more than 8% this month and the Nasdaq was up about 10%, marking their best month since July 2022.
The Dow, meanwhile, managed to shake off a three-month losing streak, also rising by about 8.8% and notching its best month since October 2022.
October’s Personal Consumption Expenditures Index, the Fed’s favored inflation gauge, fell to its lowest level since the spring of 2021.
Analysts expect that the stock market’s strong performance will continue through December in a so-called Santa Claus rally.
Persons:
Dow, John Williams, it’s, Santa Claus, “, ”, Cory Mitchell
Organizations:
New, New York CNN, Nasdaq, Nvidia, Meta, of Labor, Federal Reserve, New York Fed, Saudi Press Agency, Analysts
Locations:
New York, United States, Saudi Arabia, Santa