Oliver 15 0 0 3 min to read

Dow soars almost 500 points before a crucial inflation statistic

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A day before the Federal Reserve releases significant inflation data, the Dow Jones Industrial Average surged more than 500 points to settle higher.

To reach 34,005.04, the blue-chip index increased by 528.58 points or 1.58 percent. It experienced its worst weekly performance since September last week when it lost 2.8 percent.

To close at 3,990.56, the S&P 500 gained 56.18 points or 1.43 percent. To end the session, the Nasdaq gained 139.12 points, or 1.26 percent, to close at 11,143.74.

Before the market opens on Tuesday, the US will issue its November consumer pricing data, which may have an impact on the Fed’s decision, which is expected to be made at the conclusion of the bank’s two-day meeting on Wednesday.

To curb record inflation, the central bank has increased its benchmark interest rate by a total of 375 basis points, or 3.75 percent, since March. October saw an increase in annual consumer inflation of 7.7 percent, and the market anticipates a gain of 7.3 percent in November.

The fear index, often known as the VIX volatility index, increased by 9.6 percent to 25.02. The yield on the US 10-year Treasury rose 1.2 percentage points to 3.611 percent.

The dollar index increased by 0.2 percent to 105.01, while the euro gained 0.1 percent versus the dollar to USD1.0537.

The direction of precious metals shifted, erasing prior gains. Silver declined 0.7 percent to USD23.30 and gold lost 1 percent to USD1,780 per ounce.

Prices for crude oil rose by almost 3%. International benchmark Brent crude was up 2.9 percent to USD78.29 a barrel. West Texas Intermediate, the US benchmark, was trading at roughly USD73.45, up 3.4%.

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