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Newspaper
The Gazette
Location
Medina, Ohio, United States of America
Date
Aug 12, 2022
Page
5
Wall Street ended mixed as indexes trimmed earlier gains after a wholesale inflation report eased more than expected. The S&P 500 fell 0.1 percent, the Nasdaq dropped 0.6 percent, while the Dow added 0.1 percent as bonds yields and energy prices rose.
U S producer price index falls 0 5 percent from June to July marking the first monthly drop since April 2020 and the smallest year over year rise in eight months while wholesale food costs rise and gas prices fall. The data hint at cooling inflation but economists warn the trend is not yet assured.
The national average for regular gasoline falls to 3.99 a gallon, the first sub-4-dollar level in over five months per AAA. Despite easing, the price remains about 80 cents higher than a year ago as oil trends shift amid slow growth and seasonal demand. Analysts note a fragile trend with broader inflation still high.
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