US markets recover strongly after initial hiccups post inflation data announcement

US Inflation data made local markets nervous on Thursday at the opening time as S&P 500 and Nasdaq Composite traded in the red. As the trading session progressed, the Wall Street recovered with Dow 30 trading at 29,533.70. It was up 322.88 points or 1.11 per cent. Meanwhile, S&P 500 was up by 31.42 per cent 0.88 per cent and was trading at 3,608.45 at the time of filing of the story. Nasdaq Composite was trading at 10,483.10, up by 65.97 points or 0.63 per cent.

 Source: Comex 

Nasdaq Composite hit an intaday low of 10088.83 lower from the Wednesday closing level of 10417.10.

Source: Nasdaq

Septemebr CPI or Consumer Price Index was reported at 8.2 per cent. The data assumes importance at a time when the US Central Bank has said that it would not shy away from raising interest rates furter if the inflation continues to keep its head high. Not seen in four decades, the retail inflation remains a pain point for the Fed. Chair Jerome Powell in his monetary policy announcements has been saying that the priority is to ensure price stability.

The Fed wants to bring inflation levels at 2 per cent.