Stocks closed higher on Wall Street after a report showed inflation cooled a bit more than expected last month. The S&P 500 rose 0.7% Wednesday.
The Dow added 86 points, or 0.3%, and the Nasdaq rose 1.2%.
Treasury yields tumbled in the bond market as the cooler inflation data pushed traders to ratchet back bets for hikes to interest rates by the Federal Reserve later this year. Stocks were up even more earlier in the day on hopes for a coming halt to rate hikes. But analysts say they still expect rates to remain high for a while.
Wall Street returned to its highest level in more than a year after a report showed inflation cooled a bit more than expected last month.
Asian stock markets followed Wall Street higher Tuesday ahead of an update on U.S. consumer prices that traders hope will show inflation is easing, reducing the need for more interest rate hikes.
Wall Street drifted to a mixed close after data suggested the U.S. job market is still warm enough to keep the economy growing but maybe not so hot that it stokes inflation much higher.
Asian shares have slipped after another decline on Wall Street, where hopes for an end to interest rate hikes have been dashed by strong economic data.
On Wednesday:
The S&P 500 rose 32.90 points, or 0.7%, to 4,472.16.
The Dow Jones Industrial Average rose 86.01 points, or 0.3%, to 34,347.43.
The Nasdaq composite rose 158.26 points, or 1.2%, to 13,918.96.
The Russell 2000 index of smaller companies rose 20.02 points, or 1%, to 1,933.38.
For the week:
The S&P 500 is up 73.21 points, or 1.7%.
The Dow is up 612.55 points, or 1.8%.
The Nasdaq is up 258.25 points, or 1.9%.
The Russell 2000 is up 68.71 points, or 3.7%.
For the year:
The S&P 500 is up 632.66 points, or 16.5%.
The Dow is up 1,200.18 points, or 3.6%.
The Nasdaq is up 3,452.48 points, or 33%.
The Russell 2000 is up 172.13 points, or 9.8%.
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