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- Dodgers crush Mets 9-0 in MLB playoff series opener
- South Korea military says 'fully ready' as drone tensions soar
- Cummins back, Marsh and Head out of Pakistan ODI series
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- New Zealand's Latham promises 'no fear' as he takes charge for India Tests
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- Hezbollah drone strike kills four, wounds dozens at Israeli base
- China says launches military drills around Taiwan
- Stewart leads Liberty past Lynx to level WNBA Finals
- England return to winning ways in Nations League, Austria thrash Norway
- UN chief says attacks on UNIFIL 'may constitute a war crime'
- Ravens outlast Commanders while Bucs batter Saints in NFL
- Dozens hurt in Israel as Hezbollah claims drone strike
- England deserve 'world class' coach: Carsley
- Burkina Faso win to become first qualifiers for 2025 AFCON
- AC Milan's Pulisic among five out for USA match in Mexico
- France's Amandine Henry retires from international football
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- India's World Cup hopes in Pakistan hands after Australia defeat
- Zelensky says NKorea sending troops to Russian army
- England beat Finland to get back on track
- King and Lewis propel West Indies to T20 triumph over Sri Lanka
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- 'I still plan to compete and play next season,' says Djokovic
- Harris, Trump seek advantage in knife-edge election battle
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- Kamindu and Asalanka power Sri Lanka to 179 against West Indies
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- Spain send injured Yamal home 'to prioritise player's health'
- In milestone, SpaceX 'catches' megarocket booster after test flight
- Iraq walks fine line with pro-Iran factions to avoid war
- Race four abandoned after New Zealand breeze into 3-0 lead in America's Cup
- West Indies win toss, put Sri Lanka in to bat in first T20
- Sudan rescuers say air strike killed 23 in Khartoum market
- Netanyahu tells UN to move Lebanon peacekeepers out of 'harm's way'
- Bangladeshi Hindus defy attack worries to celebrate festival
- Kiwis three up in America's Cup as Ineos pay for time penalty
- In a first, SpaceX 'catches' megarocket booster after test flight
US stocks shrug off mixed inflation data, extending rally
US stocks finished solidly higher Tuesday, shaking off early weakness on continued bullish sentiment as a mixed inflation report contributed to a drop in oil prices.
Major indices on Wall Street closed at their highest level since early 2022, despite initially wavering on November US consumer price index (CPI) data.
The CPI report showed a slight dip in overall inflation compared with October. But core inflation -- which excludes volatile food and energy components -- held steady, disappointing analysts who were hoping for a more decisive report.
The report "should give the Fed some pause about cutting rates anytime soon," said a note from Briefing.com analyst Patrick O'Hare shortly after the data was released.
"And it may very well keep the Fed vocalizing the idea that it could possibly raise rates again if progress in fighting inflation stalls."
Still, stocks gained ground as the day progressed, lifting the broad-based S&P 500 by 0.5 percent at the end of the day.
"The strength is feeding on itself as we get toward the end of the year," said Tom Cahill of Ventura Wealth Management.
"There's some portfolio managers that are getting exposure to the market, because they fear underperforming again next year," he said.
The US Federal Reserve wraps up its final policy meeting of 2023 on Wednesday, and although it is expected to hold interest rates steady, investors will be hoping Fed chief Jerome Powell and updated forecasts may provide more indication whether rate cuts are on the horizon early next year.
Tuesday's report did not contain a shocking rise in inflation that might threaten the likely decision Wednesday to hold rates flat. But the report showed enough persistent inflationary pressures to delay any rate cuts, analysts said.
That dynamic was also a factor in a big drop in oil prices. After nearly four percent declines, both West Texas Intermediate and Brent oil were at their lowest levels since the end of June.
Equity markets were little changed in Europe, while the dollar pulled back against other major currencies.
Among individual companies, Oracle sank more than 12 percent after the software giant reported revenues that missed analyst expectations.
Briefing.com rated the report as "lackluster" but noted that shares of the company had risen 15 percent over the last six weeks, "which perhaps indicates that expectations were running ahead" of actual results.
- Key figures around 2115 GMT -
New York - Dow: UP 0.35 percent at 36,577.94 (close)
New York - S&P 500: UP 0.5 percent at 4,643.70 (close)
New York - Nasdaq: UP 0.7 percent at 14,533.40 (close)
London - FTSE 100: FLAT at 7,542.77 (close)
Paris - CAC 40: DOWN 0.1 at 7,543.55 (close)
Frankfurt - DAX: FLAT at 16,791.74 (close)
EURO STOXX 50: 0.1 percent at 4,536.61 (close)
Tokyo - Nikkei 225: UP 0.2 percent at 32,843.70 (close)
Hong Kong - Hang Seng Index: UP 1.1 percent at 16,374.50 (close)
Shanghai - Composite: UP 0.4 percent at 3,003.44 (close)
Dollar/yen: DOWN at 145.49 yen from 146.16 yen on Monday
Euro/dollar: UP at $1.0800 from $1.0765
Pound/dollar: UP at $1.2567 from $1.2555
Euro/pound: UP at 85.91 pence from 85.73 pence
West Texas Intermediate: DOWN 3.8 percent at $68.61 per barrel
Brent North Sea crude: DOWN 3.7 percent at $73.24 per barrel
burs-rl-jmb/nro/tjj
P.Stevenson--AMWN