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Wall Street stocks were mixed while US government debt and the dollar mostly held their ground after a report showed American inflation remained elevated last month.
The blue-chip S&P 500 rose 0.2 per cent by mid-afternoon in New York, coming within 1 per cent of doubling its value from its March 2020 lows, when rapid pandemic lockdowns threw global financial markets into chaos. The technology-focused Nasdaq Composite, more susceptible to strong inflation pushing up interest rates, fell 0.2 per cent.
However, the US Treasury market took its cue from the fact that while inflation pressure remains elevated, its rapid rise is decelerating, after a report showed the year-on-year rate of consumer price growth held steady at 5.4 per cent last month, matching the 13-year high reached in June. Wall Street economists had forecast a 5.3 per cent rise.