Stock Market Live Updates 13 December 2023: Asian stocks up, gold steadies post US CPI increase

U.S. stocks closed at fresh highs of the year on Tuesday, after inflation data did little to alter views for the timing of a rate cut by the Federal Reserve, as investors awaited the central bank’s last policy decision of the year on Wednesday.

The November Consumer Price Index (CPI) rose 3.1% on an annual basis, in line with estimates from economists polled by Reuters, as a drop in gasoline prices was overshadowed by a rise in rents. Core prices, excluding volatile items such as food and energy costs, also matched expectations, showing a 4% annual rise.

On a month-on-month basis, consumer prices ticked up 0.1% last month.

The Dow Jones Industrial Average rose 173.01 points, or 0.48%, to 36,577.94, the S&P 500 gained 21.26 points, or 0.46%, to 4,643.70 and the Nasdaq Composite gained 100.91 points, or 0.70%, to 14,533.40.

The Dow closed at its highest level since Jan. 4, 2022, the S&P 500 its highest close since Jan. 14, 2022, and the Nasdaq its highest closing level since March 29, 2022. – Reuters

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