(MENAFN- Baystreet.ca) Stocks Reach 3-Mo. High
Stocks rose sharply on Wednesday after a key inflation reading showed a better-than-expected slowdown for rising prices.
The Dow Jones Industrials climbed 535.10 points, or 1.6%, to close Wednesday at 33,309.51
The S&P 500 rocketed 87.77 points, or 2.1%, to 4,210.24.
The NASDAQ Composite sprang up 360.88 points, or 2.9%, to 12,826.17.
Major tech stocks outpaced the broader market on Wednesday, with Facebook-parent Meta rising 5.8% and Netflix gaining more than 6%. Salesforce was one of the best performers 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 dropped slightly, lifting yields to 2.79% from Tuesday's 2.78%. Treasury prices and yields move in opposite directions.
Oil prices grew $1.08 to $91.58 U.S. a barrel.
Gold prices sank $5.90 to $1,806.40 U.S. an ounce.
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