Investing.com — S&P 500 cut losses Wednesday after President Donald Trump denied reports that he was close to firing Federal Reserve Chairman Jerome Powell.
At 12:58 p.m. ET, the Dow Jones Industrial Average rose 197 points, or 0.5%, the S&P 500 index gained 0.3%, and the NASDAQ Composite added 0.2%.
Trump denies reports close to firing Powell
President Trump told reporters he was “not planning anything” related to Powell, denying earlier reports that he would move forward with firing him imminently. Trump, however, did voice his frustration with Powell for keeping rates high and accused him of mishandling a costly renovation of the Fed headquarters.
Wholesale inflation remains unchanged in June
U.S. producer prices held steady on a monthly basis and grew at a slower annualized pace in June, restrained in part by a decline in travel accommodation services costs that helped offset climbing prices for final demand goods.
In the twelve months through June, the producer price index advanced 2.3%, after rising by 2.7% in May, Labor Department data showed on Wednesday. Month-on-month, the reading stood at 0.0%, slowing from a prior level of 0.3%.
Economists had projected a yearly rate of 2.5% and 0.2% on a monthly basis.
The new report comes after data on Tuesday showed that U.S. consumer prices grew at a faster pace in June, indicating that the impact of President Donald Trump’s aggressive tariff policies may be starting to emerge.
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