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Stock Market Today: Dow Caps wild session, up more than 800 points

Stock Market Today: Dow Caps wild session, up more than 800 points

Written by Liz Muir

Investing.com – U.S. stocks fell on Thursday after a report for September showed inflation was moving ahead more than expected.

At 16:01 EST (20:01 GMT), it was up 827 points, or 2.8%, while it was up 2.6% and up 2.2%. The three indicators started the trading day deeply in the red.

The Fed’s inflation report gives more reason to continue its assertive path to raising interest rates when it meets in early November.

It rose 8.2% for the year ending in September, higher than expected. , which does not include food and fuel, rose 6.6%, also higher than expected.

A day earlier, producer price data showed that inflation in this sector also rose more than expected last month.

Now the Fed will raise interest rates by another 0.75 percentage point, which will be the fourth consecutive increase as it works to beat inflation. From its meeting in September it showed that policymakers are determined to beat inflation, despite the risk of pain in the economy.

Grocery giant Kroger (NYSE:) is talking to rival Albertsons (NYSE:) about a potential deal, according to multiple reports, and an announcement could come this week. Kroger shares are up 1% in late trading, while Albertsons shares are up 11%.

Shares of Applied Materials Inc (NASDAQ:) rose 4.6% after it warned about revenue for its fiscal fourth quarter, saying new rules on exports to China will dampen results.

Shares of Walgreens Boots Alliance Inc (NASDAQ 🙂 rose 5% after it raised its sales forecast.

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