Wall Street gains on August inflation data
Inflation data for August showed that consumer prices in the United States rose by 0.4% month-over-month, leading to an annual inflation increase of 3.4%, the same rate recorded in July, following two consecutive months of falling gasoline prices. Despite the accelerating inflation, US stock indices managed to rise at the start of trading sessions, amid expectations of a Federal Reserve interest rate hike at its upcoming meeting. This comes as rising bond yields and concerns about the impact of higher interest rates on the stock market are fueling market anxiety, while tensions between America and Iran are escalating and oil prices have surged to over $100 per barrel.
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