By Mucahithan Avcioglu
ISTANBUL (AA) - US stocks ended mostly in positive territory Wednesday, with the S&P 500 reaching a record high, as producer inflation unexpectedly declined.
The Dow fell 0.48%, or 220.42 points, to close at 45,490.92.
On the other hand, the S&P 500 rose 0.3%, or 19.43 points, to a new record of 6,532.04.
The Nasdaq inched up 0.03%, or 6.57 points, to close at 21,886.06.
The markets were initially higher as producer inflation unexpectedly fell 0.1% month-on-month in August, compared to estimates of a 0.3% rise.
The data indicated that inflation in the US is slowing, which is encouraging ahead of Thursday's carefully watched consumer price index reading.
The producer price index is an important indicator of consumer inflation, which is one of the two mandates that the Fed considers when determining monetary policy, along with the job market.
After the data was released, US President Donald Trump said that there is "No Inflation" and the Fed must lower interest rates "big."
"Just out: No Inflation!!! 'Too Late' must lower the RATE, BIG, right now," Trump wrote on social media company Truth Social, which he owns. "Powell is a total disaster, who doesn’t have a clue!!!" he added.
Trump, meanwhile, appealed a federal judge's order that blocked him from firing Fed Governor Lisa Cook while a case against her dismissal is still pending.
The appeal was filed one day after US District Court Judge Jia Cobb said, "The public interest in Federal Reserve independence weighs in favor of Cook’s reinstatement.”
The Bureau of Labor Statistics (BLS) said Tuesday that nonfarm payrolls in the country were 911,000 fewer in the 12 months leading up to March than in the initial data.
Analysts noted that following last week's weak employment figures, the revision on Tuesday added another layer of concern to the already worrisome economic picture.
On the corporate side, Oracle's stock rose 35.9% after the company revealed that demand for AI servers drove a huge increase in multi-cloud database income from Amazon, Google, and Microsoft in the firm’s most recent quarter.