Stocks rose sharply on Wednesday after a key inflation reading showed a better-than-expected slowdown for rising prices.
The Dow Jones Industrials popped 530.77 points, or 1.6%, to 33,305.18
The S&P 500 rocketed 72.92 points, or 1.8%, to 4,195.39.
The NASDAQ Composite sprang up 275.29 points, or 1.8%, to 12,769.22.
Major tech stocks were outpacing the broader market on Wednesday, with Tesla and Netflix climbing more than 3% each. Salesforce was the best performer in the Dow, rising 3.5%.
Earnings season also continues, with Disney’s quarterly results due after the bell.
The headline consumer price index for July rose 8.5% year over year, and was flat compared to June. Economists surveyed by Dow Jones were expecting increases of 8.7% and 0.2%, respectively.
Core inflation, which strips out volatile food and energy prices, also saw a smaller-than-expected increase.
The Federal Reserve will weigh the report, along with other key economic data, ahead of its September meeting where it is slated to hike interest rates again.
Treasury prices staggered, raising yields to 2.72% from Tuesday’s 2.78%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.88 to $88.62 U.S. a barrel.
Gold prices dropped 10 cents to $1,812.20 U.S. an ounce.
