CPI Surge Splits New York Markets

Stronger-than-expected U.S. inflation shook New York markets on Oct. 14, producing a split between major indexes. The Dow Jones Industrial Average rose to 51,842.71, up 172.61 points (0.33%), while the S&P 500 fell 17.04 points (0.22%) to 7,788.41 and the Nasdaq Composite dropped 83.02 points (0.31%) to 27,121.35. The September CPI came in hotter than forecasts: 3.7% year-on-year versus 3.6% expected, and core CPI rose 0.3% month-on-month versus 0.2% expected. Gasoline jumped 9.1% in the month. Fed hike odds climbed toward about 50% for the October FOMC meeting as Treasury yields rose, with 10-year note yields above 5.29%.