Its shares closed at new high levels Wall Street on Friday (24.10.2025), as positive inflation data boosted investor optimism that the US Federal Reserve (Fed) may continue to cut interest rates, boosting the US economy and justifying higher stock valuations.
Specifically, Wall Street’s Dow Jones Industrial Average rose 472.51 points, or 1.01%, to 47,207.12, securing its first close above the 47,000 level. Meanwhile, the S&P 500 rose 0.79% to 6,791.69, while the Nasdaq Composite climbed 1.15% to 23,204.87. All three major indexes closed at record levels.
September’s consumer price index report — which was delayed due to the US government shutdown — rose 0.3% month-on-month, bringing the annual rate of inflation to 3%, according to the Bureau of Labor Statistics. That’s slightly below the 0.4% and 3.1% forecast by economists polled by Dow Jones.
Excluding food and energy, the core consumer price index (CPI) came in at 0.2% last month and 3% year-on-year, also below Dow Jones forecasts of 0.3% and 3.1% respectively.
Following the release of the CPI data, investors strengthened their expectations that the Fed will cut interest rates at both of its remaining meetings this year. The odds of a cut in December initially rose to 98.5% from about 91% before the data release, according to the CME FedWatch tool. The odds of a decline next week remained above 95%.
Hopes that further rate cuts will boost economic activity sent bank shares higher during the day, with majors including JPMorgan, Wells Fargo and Citigroup each up 2%. Other financial sector companies such as Goldman Sachs and Bank of America also rose.
Certainly, the annual index showed a slight increase compared to the previous month. Most government economic data — including weekly and monthly employment data — remains on hold due to the government shutdown.