SAN FRANCISCO (KRON) — Stocks rose this week as investors shook off inflation data that came in higher than expected and looked ahead to a key consumer report. The September producer price index, a gauge of final-demand wholesale prices, came in higher than expected.
The print was up 0.4% in September, more than the consensus estimate.
Investors will get more inflation data on Thursday, when the September consumer price index report is released. The CPI number is a measure of price changes in a basket of common consumer goods and services.
Mortgage Rates Hit 6.81% Last Week, Highest in 15 Years
United added new trans-Atlantic flights for summer 2023 in a bet on travel recovery. United said European travel this summer was up 20% from 2019 levels.
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More tech layoffs?
In the tech sector, Intel may announce thousands of job cuts on Oct. 27 as it looks to cut costs amid a drop-off in demand for personal computers.
Meta CEO Mark Zuckerberg debuted the Meta Quest Pro VR headset that will cost $1,500.