17 July 2024 – The Dow Jones Index continued its record-breaking run on Tuesday, closing just below the 41,000 mark. And the U.K. Consumer Price Index is at the Bank of England’s 2.0% target for the second month in a row.
Dow Jones continues record chase on Tuesday
The Dow Jones Index continued its record-breaking run on Tuesday. The Dow Jones index of blue chips ended Tuesday’s trading 1.9 per cent higher at 40,954 points, setting a closing record. The technology-heavy Nasdaq advanced 0.2 per cent to 18,509 points and the broad-based S&P 500 0.6 per cent to 5667 points.
The latest US economic data was well received by investors on Wall Street. In particular, some assumptions, such as a decline in US retail sales or import prices, did not materialise and instead moved sideways.
US Federal Reserve Chairman Jerome Powell had said the previous evening that the latest inflation data had strengthened the confidence of policy makers that price pressure was on a sustained downward path. Stock market participants interpreted this as a signal that the first interest rate cut might not be long in coming.
U.K. Consumer Price Index remains at 2.0%
Although forecasts for the development of the UK Consumer Price Index (CPI) had predicted a fall in the CPI annual rate to 1.9% in June, according to the UK Office for National Statistics this was only slightly higher at 2.0%. This means that the CPI has remained at the Bank of England’s target value for the second month in a row and has continued to show a clear downward trend since the start of the year.
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