Why Amazon Stock Jumped Again Today
After posting explosive gains in Thursday's daily trading session, Amazon (NASDAQ: AMZN) stock saw another big jump in today's trading. The e-commerce and cloud-computing giant's share price closed out Friday's session up roughly 4.3%. Meanwhile, the S&P 500 index's level ended the day up 0.9%, and the Nasdaq Composite index closed out the session up 1.9%.
The U.S. Labor Department published new Consumer Price Index (CPI) data on Thursday, and lower-than-anticipated inflation in October has helped spur a dramatic uptick in bullish momentum for the market at large. The CPI rose 0.4% on a sequential basis and 7.7% year over year, while economists were expecting a 0.6% sequential increase and a 7.9% increase compared to October 2021. The better-than-expected data has investors pouring back into Amazon and other growth stocks.
Amazon stock surged 12.6% in Thursday's trading following the release of the new CPI data, and positive momentum for the stock continued into Friday's trading. Investors are hoping that the moderating inflation data may signal that the worst of the pressures on this macroeconomic front have passed, and that stocks are on track for a more sustained rebound.
Source Fool.com
