NEW YORK (AP) — U.S. stocks ticked higher in a quiet Wednesday after the latest update on inflation came in almost exactly as economists expected.
The S&P 500 rose 0.4% to follow up on one of its best days of the year and climb within 3.7% of its all-time high set last month. The Dow Jones Industrial Average gained 242 points, or 0.6%, to finish a day above the 40,000 level for the first time in nearly two weeks. The Nasdaq composite edged up less than 0.1%.
Treasury yields were also relatively steady in the bond market after the U.S. government said consumers paid prices that were 2.9% higher last month for gasoline, food, shelter and other things than a year earlier.
The data should keep the Federal Reserve on track to cut its main interest rate at its next meeting in September, a move that Wall Street has long been looking forward to. The Fed has been keeping rates at an economy-crunching level in hopes of stifling inflation that topped 9% two years ago, and lower interest rates would ease the pressure on both the economy and on prices for investments.
The only question is how big the first cut to rates since the 2020 COVID crash will be: the traditional quarter of a percentage point or a more dramatic half point?
Wednesday’s reading on inflation at the consumer level wasn’t as cool as the prior day’s update on inflation at the wholesale level, but it likely doesn’t change much, according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley.
If most of the data over the next few weeks points to a slowing economy, he said the Fed may cut more aggressively. That includes a report coming up Thursday about how much U.S. shoppers spent at retailers.
While the economy is still growing, and many economists see a recession as unlikely, worries have risen about its strength after a much worse-than-expected month of hiring by U.S. employers in July.
The yield on the 10-year Treasury eased to 3.83% from 3.85% late Tuesday. It’s been coming down since topping 4.70% in April, as expectations have built for coming cuts to interest rates.
The two-year Treasury yield, which more closely tracks expectations for the Fed, edged up to 3.95% from 3.94% late Tuesday, as traders weigh whether September’s anticipated cut will be the traditional or jumbo-sized move.
On Wall Street, Kellanova rose 7.8% after Mars said it would buy the company behind Pringles, Cheez-Its and Kellogg’s for $83.50 per share in cash. The companies put the deal’s total value at $35.9 billion, including debt. Kellanova was created when the Kellogg Co. split into three companies in the summer of 2022.
Cardinal Health rose 3.7% after joining the parade of companies that have reported stronger profit for the spring than analysts expected.
On the losing end was Brinker International, the company behind Chili’s and Maggiano’s restaurants. It fell 10.7% after reporting weaker profit for the latest quarter than expected. That was despite strengthening sales trends at Chili’s, which got a boost from higher prices, increased traffic and the launch of its “Big Smasher” burger. Expectations were high coming into the report for Brinker International, whose stock is still up 45.6% for the year so far.
Starbucks fell 2.1% to give back some of its big gain from the prior day after it said it had lured Brian Niccol away from Chipotle Mexican Grill to become its CEO.
All told, the S&P 500 rose 20.78 points to 5,455.21. The Dow gained 242.75 to 40,008.39, and the Nasdaq composite rose 4.99 to 17.192.60.
In stock markets abroad, indexes were modestly higher across much of Europe and mixed in Asia.
Japan’s Nikkei 225 has been the center of financial markets’ wildest action in recent weeks, and it rose 0.6% following a day of ups and downs. Japan’s embattled Prime Minister Fumio Kishida surprised the country Wednesday by announcing he’ll step down when his party picks a new leader next month.
AP Business Writers Yuri Kageyama and Matt Ott contributed.
An entrance to the New York Stock Exchange is shown on Wednesday, Aug. 14, 2024, in New York. (AP Photo/Peter Morgan)
The New York Stock Exchange is shown on Tuesday, Aug. 13, 2024, in New York. (AP Photo/Peter Morgan)
FILE - A person walks in front of an electronic stock board showing Japan's Nikkei 225 index in Tokyo, on Aug. 2, 2024. (Kyodo News via AP, File)
FILE - A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm in Tokyo, on July 16, 2024. (AP Photo/Eugene Hoshiko, File)
Gunshots were reported in Donald Trump's vicinity Sunday afternoon. The former president is safe.
U.S. Secret Service agents opened fire after seeing a person with a firearm near Trump’s West Palm Beach golf club in Florida while the Republican presidential candidate was golfing. No injuries were reported. Officials say the person fled in an SUV and was later apprehended by local law enforcement.
It was not immediately clear whether the reported shots were targeted at Trump. The U.S. Secret Service said it was investigating and that the incident occurred shortly before 2 p.m. “The former president is safe,” according to the Secret Service.
Roughly two months ago, Trump was shot during an assassination attempt at a rally in Pennsylvania, and a bullet grazed his ear.
Here is the Latest:
Palm Beach County Sheriff Ric Bradshaw said the gunman was about 400 to 500 yards away from Trump and hidden in shrubbery while the former president played golf on a nearby hole.
The man had an AK-style rifle with a scope, two backpacks hanging on a fence and a GoPro camera, the sheriff said. Bradshaw said the backpacks had ceramic tile in them and that the suspect’s belongings are being processed.
The FBI says it is investigating “what appears to be an attempted assassination” of Donald Trump.
Trump was returned safely after the incident to his private Mar-a-Lago club, where he resides in neighboring Palm Beach, according to a person familiar with the matter.
Trump had returned to Florida this weekend from a West Coast swing that included a Friday night rally in Las Vegas and a Utah fundraiser. His campaign had not advised Trump’s plans for Sunday. He often spends the morning playing golf, before having lunch at the club.
Martin County Sheriff William Snyder told WPTV that the suspect believed connected to the incident “was not armed when we took him out of the car.”
The man had a calm, flat demeanor and showed little emotion when he was stopped by police, Snyder said, saying the suspect did not question why he was being pulled over.
“He never asked, ‘what is this about?’ Obviously, law enforcement with long rifles, blue lights, a lot going on. He never questioned it,” Snyder said.
A man with an AK-style rifle pushed the firearm’s muzzle through the perimeter of Donald Trump’s West Palm Beach, Florida, golf course as the Republican presidential candidate was playing a round, prompting U.S. Secret Service to open fire, according to three law enforcement officials.
The person dropped the weapon and fled in an SUV, and was later apprehended in a neighboring county, the officials said. The officials were not authorized to discuss the ongoing investigation and spoke to The Associated Press on condition of anonymity.
The golf course was partially shut down for Trump as he played, and agents were a few holes ahead of him when they noticed the person with the firearm, the officials said.
An AK-style firearm was recovered at the scene near Trump’s golf course, two law enforcement officials said. The officials were not authorized to discuss the matter publicly and spoke on condition of anonymity about an ongoing investigation.
The golf course was partially shut down for Trump as he played, and agents were a few holes ahead of him when they noticed a person with the firearm, the officials said. The person appeared to push the muzzle of the rifle through a fence line and that’s when agents fired, the officials said.
Law enforcement officials were expected to speak to reporters Sunday afternoon about the incident and the apprehension of the suspect.
In an email to supporters, Trump said: “There were gunshots in my vicinity, but before rumors start spiraling out of control, I wanted you to hear this first: I AM SAFE AND WELL!”
“Nothing will slow me down. I will NEVER SURRENDER!” the former president said.
The Martin County Sheriff’s Office said in a Facebook post on Sunday that it has stopped a vehicle on northbound Interstate 95 and taken a suspect into custody who is believed to be connected to the shooting.
The sheriff’s office said it made the stop after authorities in neighboring Palm Beach County put out a “be on the lookout” alert. Photos included in the post showed an SUV stopped behind multiple law enforcement vehicles.
The post by the Martin County Sheriff’s Office indicated the suspect was apprehended near Palm City, Florida, about a 45-mile drive north of Trump’s golf course. Northbound lanes of I-95 were shut down, the sheriff’s office said.
U.S. Secret Service agents opened fire after seeing a person with a firearm near Donald Trump’s golf club in West Palm Beach, Florida, while the Republican presidential candidate was golfing Sunday, according to two law enforcement officials. No injuries were reported.
The person fled in an SUV and was later apprehended in a nearby county by local law enforcement, the officials said. The officials were not authorized to discuss the matter publicly and spoke on condition of anonymity about an ongoing investigation.
The incident comes roughly two months after an assassination attempt on Trump’s life at a campaign rally in Pennsylvania.
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In an X post, South Carolina Republican Sen. Lindsey Graham, one of Trump’s top congressional allies, said he had spoken with Trump after the incident and that Trump was in “good spirits” and was “one of the strongest people I’ve ever known."
Trump often spends the morning playing golf, before having lunch at the Trump International Golf Club West Palm Beach, one of three he owns in the state.
Donald Trump was safe after gunshots were reported in his vicinity Sunday afternoon in Florida, his campaign and the Secret Service said.
The U.S. Secret Service said it was investigating and that the incident occurred shortly before 2 p.m. “The former president is safe,” according to the Secret Service.
Roughly two months ago, Trump was shot during an assassination attempt at a rally in Pennsylvania, and a bullet grazed his ear.
Trump had returned to Florida this weekend from a West Coast swing that included a Friday night rally in Las Vegas and a Utah fundraiser.
The campaign did not immediately provide any additional details.
No injuries were reported in the shooting incident, a spokesperson for the Palm Beach County Sheriff’s Office in Florida says.
The White House said President Joe Biden and Vice President Kamala Harris, the Democratic presidential nominee, had both been briefed and would be kept updated on the investigation. The White House added they are “relieved” to know Trump is safe.
A law enforcement official who spoke on condition of anonymity to discuss an ongoing investigation said officials were trying to determine whether the shots were fired near Trump’s West Palm Beach golf course or on the grounds. The official was not authorized to speak publicly and spoke to The Associated Press on condition of anonymity.
FILE - Security agents talk at the entrance to former President Donald Trump's Mar-a-Lago estate, March 31, 2023, in Palm Beach, Fla. (AP Photo/Rebecca Blackwell, File)
Republican presidential nominee former President Donald Trump waves as he boards a plane at Harry Reid International Airport after a campaign trip, Saturday, Sept.14, 2024, in Las Vegas. (AP Photo/Alex Brandon)
Sheriff vehicles are pictured near Trump International Golf Club, Sunday. Sept. 15, 2024, in West Palm Beach, Fla., after gunshots were reported in the vicinity of Republican presidential candidate former President Donald Trump. (AP Photo/Stephanie Matat)
Republican presidential nominee former President Donald Trump arrives at Harry Reid International Airport to board a plane after a campaign trip, Saturday, Sept.14, 2024, in Las Vegas. (AP Photo/Alex Brandon)
FILE - The motorcade for President Donald Trump arrives at Trump International Golf Club, Feb. 15, 2020, in West Palm Beach, Fla. (AP Photo/Alex Brandon, File)
