U.S. stocks end mixed as market attempts rebound

2022-05-13 07:18

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NEW YORK, May 12 (Xinhua) -- U.S. stocks finished mixed in choppy trading on Thursday as major indexes tried to rebound from recent sell-offs.

The Dow Jones Industrial Average decreased 103.81 points, or 0.33 percent, to 31,730.30. The S&P 500 fell 5.10 points, or 0.13 percent, to 3,930.08. The Nasdaq Composite Index was up 6.72 points, or 0.06 percent, to 11,370.96.

Six of the 11 primary S&P 500 sectors ended in green, with health care and consumer discretionary up 0.92 percent and 0.8 percent, respectively, outpacing the rest. Utilities and technology decreased 1.16 percent and 1.14 percent, respectively, leading the laggards.

The above market reactions came as U.S. equities have been under considerable pressure recently amid twin concerns of surging inflation and central bank tightening.

The U.S. Labor Department reported Thursday that U.S. producer price index, which measures inflation before it reaches consumers, soared 11 percent in April from a year earlier.

U.S. consumer inflation in April surged by 8.3 percent from a year ago, marking the second straight month of inflation over 8 percent, showed a separate report by the department on Wednesday.

The latest U.S. inflation readings reinforced the idea that "the Fed has a long way to go to getting price increases closer to its target," Will Compernolle, senior economist at FHN Financial, said Thursday in a note.
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