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 percent Wednesday.
The Dow added 86 points, or 0.3 percent, and the Nasdaq rose 1.2 percent.
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.
On Wednesday:
The S&P 500 rose 32.90 points, or 0.7 percent, to 4,472.16.
The Dow Jones Industrial Average rose 86.01 points, or 0.3 percent, to 34,347.43.
The Nasdaq composite rose 158.26 points, or 1.2 percent, to 13,918.96.
The Russell 2000 index of smaller companies rose 20.02 points, or 1 percent, to 1,933.38.
For the week:
The S&P 500 is up 73.21 points, or 1.7 percent.
The Dow is up 612.55 points, or 1.8 percent.
The Nasdaq is up 258.25 points, or 1.9 percent.
The Russell 2000 is up 68.71 points, or 3.7 percent.
For the year:
The S&P 500 is up 632.66 points, or 16.5 percent.
The Dow is up 1,200.18 points, or 3.6 percent.
The Nasdaq is up 3,452.48 points, or 33 percent.
The Russell 2000 is up 172.13 points, or 9.8 percent.
