Wall Street Opens Sharply Higher After October Inflation Data

A Wall Street sign outside the New York Stock Exchange in the Manhattan borough of New York on April 16, 2021. Carlo Allegri/Reuters

Wall Street’s main indexes opened sharply higher on Thursday as data showed consumer prices increased less than expected in October, spurring hopes that the Federal Reserve might scale down the size of its future interest rate hikes.

The Dow Jones Industrial Average rose 749.97 points, or 2.31 percent, at the open to 33,263.91. The S&P 500 opened higher by 111.32 points, or 2.97 percent, at 3,859.89, while the Nasdaq Composite gained 515.99 points, or 4.98 percent, to 10,869.17 at the opening bell.