© Reuters.
By Geoffrey Smith
Investing.com — U.S. stock markets opened Friday markedly higher, shrugging off any concerns about a faster tightening of monetary policy by the Federal Reserve to rein in raging inflation.
By 9:45 AM ET (1445 GMT). the was up 153 points, or 0.4% at 35,907 points. The was up 0.5% and the was up 0.3%.
Earlier, the Bureau of Labor Statistics had said the annual rate of inflation rose to its highest level in nearly 40 years in November, hitting 6.8%. While that was distorted to a degree by upheavals in prices a year ago due to the pandemic, the core rate — which strips out more volatile food and energy prices – also hit a 30-year high of 4.9%. The headline rate rose by 0.8% on the month and the core rate by 0.5%, both chunky increases that suggest that companies are still able to pass on higher costs to their customers more or less at will.
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