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Sept 11 - The S&P 500 index closed higher on Wednesday with a boost from the technology sector offsetting investor disappointment at the early morning inflation report, which crushed hopes the Federal Reserve would cut interest rates by 50 basis points next week.
Earlier, the Labor Department reported the consumer price index rose 0.2% last month, in line with July. Core CPI, excluding volatile food and energy components, rose 0.3% on a monthly basis, exceeding economist expectations for a 0.2% rise. As the day wore on investors may have come to terms with the inflation numbers, according to Janasiewicz who also pointed to technology as the stand out"which has helped prop up the broader market."
After the Presidential debate, pricing for a Trump victory was at 48 cents on online betting site PredictIt, and at 55 cents for a Harris win. While the debate offered Wall Street little clarity on key policy issues, some market watchers see Harris' proposals to raise the corporate tax rate as likely to hit company profits, while Trump's tougher stance on tariffs could stoke inflation.
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