By Sruthi Shankar and Amruta Khandekar
3:05 PM UTC – November 14, 2023
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(Reuters) – Wall Street’s main stock indexes climbed on Tuesday as cooler-than-expected inflation data boosted expectations that the Federal Reserve was done raising interest rates and could start cutting them next year.
Both the S&P 500 (.SPX) and the tech-heavy Nasdaq (.IXIC) were at a two-month high after data showed that U.S. consumer prices were unchanged in October amid lower gasoline prices.
In the 12 months through October, the CPI climbed 3.2% after rising 3.7% in September, while economists polled by Reuters had forecast a 3.3% gain on a year-on-year basis.
Core prices, which exclude the volatile food and energy components, rose 4.0% compared to economists’ estimate of a 4.1% increase.
“We’re happy to see both headline and core CPI come in lower than…
