Amid the euphoria following what appeared to be the first sign of slowing inflation, stocks staged a broad rally on Aug. 10, with dozens of large-cap stocks rising 5% or more. Those included several tech names that investors loved during the early stages of the coronvirus pandemic, along with cruise lines, credit-card lenders and chip-related companies.
A list of the day’s best performers among the S&P 500 Index
and the Nasdaq-100 Index
is below. The S&P 500 rose 2.1% and is up 12% since its 2022 closing low on June 22. The benchmark index is still down 11.7% this year. The strong showing followed a report from the Bureau of Labor Statistics saying the Consumer Price Index was unchanged in July from June after rising 1.3% in June from May, and decelerated to an annual 8.5% in July from 9.1% the previous month. Greg Robb provided further analysis of what the better-than-expected inflation report might mean for interest rates when the Federal Open Market Committee has its next meeting Sept. 20-21, which will be followed by a decision on the fed funds rate and the Federal Reserve’s investment policy. All 11 sectors of the S&P 500 were up for the day:
Price change – Aug. 10
Price change since S&P 500 closing low June 22
Price change – 2022