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By Staff Reporters
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Social Security just announced an 8.7 percent cost of living adjustment, the largest inflation adjustment to benefits in four decades — a welcome development for millions of older Americans struggling to keep up with fast-rising living costs.
The Dow Jones Industrial Average dropped 500 points at the starting bell, down 1.7% and undercutting its Sept. 30th low. The S&P 500 index sank 2.3% and the NASDAQ composite swooned 3%.
Then Stocks Soared Despite the Hotter-Than-Expected Inflation Report
U.S. equities closed out the day noticeably higher, ending six-straight days of declines, despite the release of today’s key inflation data. The markets seemed to shrug off another hotter-than-expected consumer price inflation (CPI) report, which boosted expectations that the Fed will have to remain aggressive with its monetary policy tightening plans.
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Filed under: Breaking News, iMBA, Inc., Investing | Tagged: COLA, Cost of Living, social security, SS, stocks fall |
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Stock Reversal
US stocks plunged on Thursday, and then soared after September’s CPI report showed inflation continues to hit levels not seen in four decades.
The S&P 500 was down 2.4% as its low of the day, before it recovered all of those losses and surged as much as 2%. The reversal came after the S&P 500 tested 3,500, briefly hitting a low of 3,491. The 3,500 level represents a 50% retracement of the March 2020 low at about 2,200 and the January high of about 4,800.
Paul
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