Despite inflation, Wall Street investors haven't been discouraged

Despite US inflation as high as it has been in nearly 40 years, Wall Street investors haven't been discouraged. The Dow Jones index of standard values climbed 0.6 percent to 35,971 points. The broader S&P 500 rose 1.0 percent to 4712 meters. The index of the technology exchange Nasdaq gained 0.7 percent to 15,630 points. With an inflation rate of 6.8 percent in November, the US has overshot the Federal Reserve's target of 2.0 percent by miles. "The stock exchanges are rising because the numbers were pretty much in line with expectations and not, as feared, exceeded dramatically," said Thomas Hayes, executive member of asset manager Great Hill Capital in New York. Investors have "pretty well accepted" the fact that the US Federal Reserve will accelerate the pace of curbing bond purchases. Many experts believe that a decision will be taken at the Fed's monetary policy meeting on Wednesday to accelerate the reduction in bond purchases. "It paves the way for key rate hikes in the second half of 2022," said economist Bastian Hepperle from Bankhaus Lampe. The dollar index, which reflects the rate of the greenback against major currencies, fell slightly after the inflation data. This gave the gold price a tailwind, which rose by 0.4 percent to 1,782.83 US dollars per troy ounce. In the US stock market, Apple's stocks were getting closer and closer to the $ 3 trillion mark in market value. The electronics company’s stocks rose to a record high of $ 179.45. Other technology stocks such as Microsoft and Nvidia also picked up. Moderna study data on an mRNA-based flu vaccine, however, did not go down well with investors. The shares slide 5.6 percent. The initial results apparently indicated that the vaccine was not effective enough to gain an advantage over the already approved flu vaccines. This applies particularly to the elderly. With a price increase of 15.6 percent, however, Oracle was heading for its best trading day in a year and a half. The enterprise software manufacturer raised its profit and revenue forecast for the current quarter because companies are spending more money on technology. Broadcom stocks gained 8.3 percent. The semiconductor company expects sales in the first quarter to have exceeded market participants' expectations. A US $ 10 billion share buyback program is also planned.