STOCKS FALL HARD, THEN SOAR: SS COLA = 8.7 Percent

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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