The Nasdaq Composite Index booked a third consecutive gain on Wednesday, producing an unlikely streak of positive finishes after establishing a perilously low to start the week that had put it within striking distance of correction.
Gains on Wednesday came as the consumer-price index rose by a near 40-year high of 7% from a year ago, while also indicating elevated U.S. inflation could persist well into 2022.
However, investors may be taking this as a peak for the index, with some strategists suggesting that the reading could have been worse.
-
The Nasdaq Composite Index
COMP,
+0.23%
closed up 35 points, or 0.2%, to close around 15,188, which is about 4.5% higher from the 14,530.226 low that the technology-laden index put in on Monday. The index had been in jeopardy of sinking to correction at 14,451.69, commonly defined as a decline from a recent peak of at least 10%. -
The Dow Jones Industrial Average
DJIA,
+0.11%
closed 0.1% at 36,290. -
The S&P 500 index
SPX,
+0.28%
finished up 0.3% to end around 4,726.
