– The stock exchange’s big success story on Wednesday was video game maker Roblox, which gained 55% on its debut. The company, which allows users to play online games created by others on the platform, was worth around $ 4 billion a year ago, but it jumped from a reference price of $ 45 to $ 69.50 US dollar stands at more than $ 45 billion in New York Times reports. Other stocks closed higher on Wall Street for the most part as a cheap inflation rate caused long-term bond market rates to decline, the AP reports. The S&P 500 rose 23.37 points, or 0.6%, to 3,898.81. The Dow Jones Industrial Average rose 464.28 points, or 1.5%, to 32,297.02, a new record. A decline in Big Tech stocks caused the Nasdaq to decline 4.99 points, or less than 0.1%, to 13,068.83.
US consumer prices rose 0.4% in February, the largest increase in six months. However, a closely watched measure called core inflation, which excludes food and energy prices, saw a much smaller increase of 0.1%. The rise in core inflation was also below economists’ expectations. The latest inflation report, along with the Federal Reserve’s promise to keep interest rates low, helped allay concerns about the recent surge in bond yields, said Katie Nixon, chief investment officer at Northern Trust Wealth Management. “It’s clear that investors expect inflation to rise in the short term, but the long-term perspective is pretty harmless,” says Nixon. “Investors think this is not a bad backdrop for risk-weighted assets.”
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