Investors Assess Inflation Report, Stocks Rise

Stocks were higher on Tuesday after the latest inflation report largely met consensus estimates for February.

The Dow Jones Industrials climbed 93.31 points to kick off Tuesday at 38,862.97.

The broader index recovered 25.48 points to 5,143.42.

The NASDAQ rocketed 106.73 points to 16,126.

Technology stocks spurred higher after the release. Shares of chipmaker Nvidia climbed 2.2%. Microsoft gained roughly 1.3%. Oracle surged more than 9% after beating Wall Street earnings estimates.

The consumer price index climbed 0.4% in February and 3.2% year over year, the Bureau of Labor Statistics said on Tuesday. Economist polled by Dow Jones expected a 0.4% increase last month and 3.1% year-over-year, respectively. Core inflation, which strips out food and energy from the headline reading, climbed 0.4% in February, compared to a forecast gain of 0.3%.

Investors now turn their attention to the producer price index report due this week and the Fed’s next monetary policy meeting later this month.

Prices for the 10-year Treasury lost ground, raising yields to 4.15% from Monday’s 4.10%. Treasury prices and yields move in opposite directions.

Oil prices improved 28 cents to $78.21 U.S. a barrel.

Gold prices flopped $22.40 to $2,166.20.