U.S. stocks surged on Wednesday, with all three major indexes registering their biggest daily percentage gains in more than two months, as lower-than-expected December core inflation data and solid earnings from major U.S. banks fueled a rally.
The Labor Department said the consumer price index (CPI) increased the most in nine months as energy costs rose, although a measure of underlying inflation pressures subsided.
Data on Tuesday showed the producer price index (PPI) rose less than expected.
According to preliminary data, the S&P 500 gained 106.45 points, or 1.82%, to end at 5,949.36 points, while the Nasdaq Composite gained 466.84 points, or 2.45%, to 19,511.23. The Dow Jones Industrial Average rose 696.60 points, or 1.64%, to 43,214.88.
All three major indexes scored their biggest daily percentage gains since Nov. 6, as did the domestically focused Russell 2000 index of small-cap stocks.
Stocks have struggled recently following a post-U.S. election rally, with the S&P 500 falling in four of the previous five weeks. A resilient economy, nagging inflation and comments from Federal Reserve policymakers have fanned worries about the central bank being less aggressive in cutting interest rates than previously anticipated.
Source : Reuters
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