U.S. stocks closed modestly higher, staggering back from the worst sell-off in more than two years in the previous session, as the latest inflation data from the Labor Department landed close to estimates
Railroad stocks drop amid negotiations to avoid strikeNEW YORK, Sept 14 - Wall Street ended a directionless session higher on Wednesday as an on-target inflation report largely stanched the flow of Tuesday's sell-off and investors pressed the "pause" button.
"Today is a lick-your-wounds day, after taking body blows yesterday," said Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska. "It’s a day of rest and that’s somewhat of a welcome sign."The Labor Department's producer prices data landed close to consensus estimates and provided some relief in the aftermath of Tuesday's market-rattling CPI print, which came in hotter than expected.
But it still has a long way to go before it approaches the Federal Reserve's average annual 2% inflation target, and while financial markets have fully priced in an interest rate hike of at least 75 basis points at the conclusion of the FOMC's policy meeting next week, they see a 22% likelihood of a super-sized, 100 basis-point increase, according to CME's FedWatch tool.
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