Wall Street rises on easing inflation concerns

Last Updated: May 11 2018 | 1:36 PM IST

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New Delhi, May 11 (ANI): Wall Street jumped as tepid inflation data eased worries of faster interest rate hikes this year. Weak inflation data fueled buying on Wall Street with tech and telecom stocks leading the way. The Dow rose for a sixth straight session, and the S and P 500 cleared a key technical level for the second straight day. The consumer price index rose modestly in April. That cooled investors' concerns that inflation was accelerating. American multinational financial services company Wells Fargo shares rose. The bank said it'll cut expenses by $2 billion annually this year and next. American Telecommunications equipment company Qualcomm rallied. The chipmaker OKed a new $10 billion program to buy back its shares. Macy's tumbled. Morgan Stanley downgraded the department store chain's stock to "underweight" from "equal weight". Tech and materials stocks led the major markets higher in Europe.