US stocks rise after inflation report

NEW YORK: Wall Street stocks climbed Wednesday with inflation data in line with expectations ahead of a central bank policy meeting next week.

Around 15 minutes into trading, the Dow Jones Industrial Average rose 0.1 percent to 44,300.88, while the broad-based S&P 500 Index added 0.6 percent to 6,070.17.

The tech-focused Nasdaq Composite Index surged 1.0 percent to 19,883.65.

“Markets today were not disappointed by today’s inflation numbers. So, that was encouraging,” said Sam Stovall of CFRA.

Wall Street holds steady in anticipation of inflation data

He noted that investors may have been worried about a worse inflation reading.

A figure that was broadly in line with expectations could pave the way for a further Federal Reserve interest rate cut next week.

On Wednesday, Labor Department data showed that the consumer price index rose to 2.7 percent last month from a year ago.

Among individual companies, Nvidia shares jumped 2.0 percent in early trading while Tesla shares rose 0.8 percent.