Dow Surges 700 points, S&P 500 Posts Best Day Since November After Tame Inflation Report
Stocks surged on Wednesday after the latest consumer price index report showed core inflation unexpectedly slowed in December, and major U.S. banks kicked off quarterly earnings reporting season with blowout results.
The Dow Jones Industrial Average traded 703 points higher, or about 1.7%. The S&P 500 climbed 1.8%, and the Nasdaq Composite rallied 2.5%.
December’s consumer price index showed that core inflation, which excludes food and energy, rose 3.2%, the Bureau of Labor Statistics reported Wednesday. This was a notch down from the previous month and lower than the 3.3% estimated by economists surveyed by Dow Jones. Headline inflation increased 2.9% on a 12-month basis, in line with forecasts.
Source : CNBC