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Stocks get midweek bump ahead of consumer price index release

U.S. stocks rose across the three top indexes Wednesday ahead of the publication of the latest consumer price index expected to be released early Thursday. File Photo by John Angelillo/UPI
U.S. stocks rose across the three top indexes Wednesday ahead of the publication of the latest consumer price index expected to be released early Thursday. File Photo by John Angelillo/UPI | License Photo

Jan. 11 (UPI) -- U.S. stocks rose across the three top indexes Wednesday ahead of the publication of the latest consumer price index expected to be released early Thursday.

The Dow Jones Industrial Average finished up more than 250 points or 0.8%, closing at $33,973.01. The S&P 500 was up about 50 points or 1.28% at $3,969.61. The Nasdaq Composite jumped 189 points or 1.76% to close at $10,931.67.

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The three indexes are all up compared to where they were when markets opened on Jan. 3.

The expectation that Thursday's consumer price index will reveal inflation is continuing to retreat would follow positive signs from last week's jobs report from the Bureau of Labor Statistics. Unemployment dropped to 3.5% in December, and the number of long-term unemployed adults fell by more than 100,000.

The Federal Reserve is expected to continue with interest rate hikes well into the year, following an aggressive approach in 2022. The next hike will be determined during its Feb. 1 meeting.

While much of the market enjoyed a fruitful day on Wednesday, some in the entertainment field were not greeted with the same optimism. French video game publisher Ubisoft, maker of popular franchises like Assassin's Creed and Far Cry, saw its stock plunge more than 13% following news that it has canceled three unannounced titles.

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World Wrestling Entertainment experienced a whirlwind 24 hours following rumors that the company is being sold to Saudi Arabia's Public Investment Fund late Tuesday evening. The stock jumped 7% before the rumors were dispelled. WWE closed down 0.76 or 0.84% to $89.50.

Party City and Bed Bath and Beyond have faced increased tumult in recent weeks as the futures of both teeter. Party City's stock fell more than 37% to just $0.28 following a temporary rebound on Tuesday. Meanwhile Bed Bath and Beyond continued to climb, up more than 87% in the past five days and 67% on Wednesday.

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