US stock indexes are rising after the latest update on inflation appeared to clear the way for more help for the economy from the Federal Reserve.
The S&P 500 gained 0.9 per cent in early afternoon trade and is on track to break its first two-day losing streak in nearly a month. The Dow Jones was up by 0.1 per cent and the Nasdaq composite climbed 1.7 per cent and was heading for a record. The Australian sharemarket is set to rise, with futures at 5.03am AEDT pointing to a jump of 46 points, or 0.6 per cent, at the open.
Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times this year, with the latest coming last week.On Wall Street, Stitch Fix jumped 42 per cent after the company that sends clothes to your door reported a smaller loss for the latest quarter than analysts expected. It also gave financial forecasts for the current quarter that were better than expected, including for revenue.
After terminating the merger agreement Albertsons said it plans to boost its dividend 25 per cent and increased the size of its program to buy back its own stock.
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