Why Morgan Stanley Was Trading Higher on Thursday
Investment-banking company Morgan Stanley (NYSE: MS) saw its stock price jump 6% today in afternoon trading. The share price was trading at about $88.21 per share at roughly 2.40 p.m. ET, up 5.7%.
It was a big day for the market as the Nasdaq was up about 6.2%, the Dow Jones industrial Average surged 3.1%, and the S&P 500 spiked 4.7% as of 2:40 p.m. ET.
The October Consumer Price Index (CPI) was an extremely welcome development for the entire market, as it showed that the Federal Reserveʻs aggressive interest-rate hikes have finally started to have an impact on inflation. The October CPI saw inflation rise 7.7% from a year ago, which is down from the 8.2% rate in September and better than the 8% rate that was expected. In addition, core CPI, which excludes food and energy costs, was 6.3%, lower than expected.
Source Fool.com
