Here's Why Meta Platforms Stock Is Soaring Higher

Meta Platforms Inc META shares are trading higher by 5.4% to $177.88 Wednesday afternoon. Shares of several companies in the broader communication, entertainment and media industry are also trading higher amid overall market strength as better-than-expected U.S. CPI data lifted market sentiment and alleviated inflation concerns, which could boost consumer spending.

What Happened?

The headline CPI rose 8.5% in July, down from 9.1% in June. June had marked the highest CPI inflation reading since November 1981. The July CPI reading also came in below economist estimates of 8.7%.

Core inflation, which excludes volatile food and energy prices, was up 5.9% in July, below economist estimates of a 6.1% gain... Read More

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According to data from Benzinga Pro, Meta Platforms has a 52-week high of $384.33 and a 52-week low of $154.25.