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Stocks rise as US inflation fears calm
South East Asia News.Net
Wednesday 14th May, 2008
US stocks rose on Wednesday after April data calmed worries about inflation, helping lift financial and consumer stocks.
Mortgage lender Freddie Mac was also seen to post smaller-than-expected losses, offsetting credit-market jitters.
Wednesday's benign report on consumer prices, along with a slide in crude-oil futures, might have helped temporarily offset worries about inflation.
And former Fed chief Alan Greenspan told an audience in Asia that US housing prices would bottom out early next year as the market absorbs a buildup in inventories.
The Dow Jones Industrial Average finished at 12,898.38, up 66.2 points.
The S&P 500 gained 6.52 points to end at 1,408.66.
The Nasdaq Composite climbed 1.58 points to 2,496.7.
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