Dow Jumps 500+ on Inflation Report
August 10,2022 12:08 pm EST
Stocks rose sharply on Wednesday after a key inflation reading showed a better-than-expected slowdown for rising prices.
The Dow Jones Industrials climbed 528.99 points, or 1.6%, to 33,303.40
The S&P 500 rocketed 83.66 points, or 2%, to 4,206.13.
The NASDAQ Composite sprang up 322.24 points, or 2.7%, to 12,826.17.
Major tech stocks were outpacing the broader market on Wednesday, with Facebook-parent Meta rising 5.7% and Netflix gaining more than 4%. Salesforce was the best performer in the Dow, rising 3.6%.
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 eked higher, lowering yields to 2.77% from Tuesday''s 2.78%. Treasury prices and yields move in opposite directions.
Oil prices lost 34 cents to $90.15 U.S. a barrel.
Gold prices recovered $2.10 to $1,814.40 U.S. an ounce.
Currencies