The stock exchanges in New York opened higher on Wednesday. Investors on Wall Street focused on new figures on inflation in the United States. It is the last inflation figure before the Federal Reserve’s interest rate decision next week.
Investors hope the American central bank will lower interest rates further to support the economy.
Inflation in the world’s largest economy was expected to reach 2.7 percent in November, compared to 2.6 percent in October. Excluding the highly volatile food and energy prices, inflation remained unchanged at 3.3 percent, as expected.
The Dow Jones index was 0.2 percent higher at 44,325 points shortly after the market opened. The broad S&P 500 index gained 0.5 percent to 6,066 points, and the tech benchmark Nasdaq rose 0.8 percent to 19,850 points.
General Motors (GM) rose slightly after the automaker announced it would halt development of a fully self-driving robotaxi. GM cited the significant time and financial resources needed to scale up robotaxi production and increased market competition as reasons.
Cruise’s subsidiary that worked on the robotaxi is being merged with other divisions. GM will use the technology behind the self-driving cars in models of its Chevrolet, Cadillac and Buick auto brands.
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