U.S. stocks rose slightly Wednesday, a day after inflation concerns led to the worst trading day since June 2020.
The Dow Jones Industrial Average rose 30.12 points, or 0.1%, to 31,135.09. The S&P 500 rose 13.32 points, or 0.34%, to 3,946.01 and the Nasdaq Composite was up 86.10 points, or 0.74%, to 11,719.68.
The turnaround Wednesday came a day after the Dow fell nearly 4%, the S&P lost 4.3% and the tech-heavy Nasdaq dropped 5.2%, after the August consumer price index report showed inflation to be higher than expected.
“This report will keep the Fed squarely focused on enemy number one – inflation. Indeed, earlier this year, Fed Chair Powell said the current backdrop is ‘not a time for tremendously nuanced readings of inflation,’ and the Fed will keep tightening policy until inflation comes down in ‘a convincing way,'” wrote Keith Lerner, chief market strategist at Truist Advisory Services, in a note to clients early Wednesday.
Some of the stocks that rose included Uber (UBER), which closed at $33.05, up $1.73, or 5.52%. Shares of Tesla (TSLA) rose $10.48, or 3.59%, to close at $302.61.