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U.S. stocks surged on Wednesday, with all three major indexes registering their biggest daily percentage gains in more than two months, as lower-than-expected December core inflation data and solid earnings from major U.S. banks fueled a rally. The Labor Department said the consumer price index (CPI) increased the most in nine months as energy costs rose, although a measure of underlying inflation pressures subsided. Data on Tuesday showed the producer price index (PPI) rose less than expected.

Oil prices are expected to gradually soften on loose supply. The post Strength, then oversupply? Parsing the latest EIA oil forecast appeared first on FreightWaves.

(Bloomberg) -- Oil surpassed $80 a barrel for the first time since August as US inventories tightened and fresh sanctions on Russia began to affect crude flows. Most Read from BloombergThese Homes Withstood the LA Fires. Architects Explain WhyAs E-Bikes Boom in NYC, Some Call for More RegulationsChicago Agency Pitches $1.5 Billion Plan to Fix Transit WoesNYPD Reforms Car Chase Policy Amid Rising Crashes, InjuriesChurches, Cinemas — and Moon Artifacts — Top List of Endangered MonumentsBuyers of R

The original cryptocurrency has risen 9% since hitting a 30-day low of $90,600.

(Reuters) -The U.S. economy ended 2024 with a slight to moderate increase in activity and a tick upward in employment, the Federal Reserve said on Wednesday, but businesses flagged a range of concerns about the potential for policies under President-elect Donald Trump to push prices higher. The findings, which draw on observations from the business and community contacts of each of the Fed's 12 regional banks through Jan. 6, provide a snapshot of the economy before Trump returns to the White House next week. "More contacts were optimistic about the outlook for 2025 than were pessimistic about it, though contacts in several Districts expressed concerns that changes in immigration and tariff policy could negatively affect the economy," the U.S. central bank said in its summary of surveys and interviews from across the country known collectively as the Beige Book.

(Bloomberg) -- A clutch of Federal Reserve officials on Wednesday welcomed fresh data showing a crucial gauge of consumer prices in December rose less than expected, giving them confidence inflation would continue to ebb.Most Read from BloombergThese Homes Withstood the LA Fires. Architects Explain WhyAs E-Bikes Boom in NYC, Some Call for More RegulationsChicago Agency Pitches $1.5 Billion Plan to Fix Transit WoesNYPD Reforms Car Chase Policy Amid Rising Crashes, InjuriesChurches, Cinemas — and

The latest Consumer Price Index showed that housing inflation pressures continued to moderate in December in an encouraging sign for the Federal Reserve.