Stocks
Market Rallies on Cooler Inflation Data, Despite Tech Sector Dominance
Inflation data released on Wednesday showed Core PCE rose just 0.2% in August, below the 3.3% forecast.
The Nasdaq Composite and S&P 500 indexes both saw gains, rising 1.1% and 0.6%, respectively, while the Dow Jones Industrial Average remained flat.
The tech sector was a major driver of the rally, with Alphabet jumping 3.1% after signing a White House AI accord, and Apple rising 2.4% on reports of an upcoming event.
The average stock went nowhere, but six stocks accounted for 1.11 percentage points of the Nasdaq's 1.14% gain, essentially making everything else a rounding error.