S&P Hikes to New Closing High

Stocks jumped Tuesday after fresh U.S. inflation data was about in line with expectations, clearing the way for investors to resume buying high-flying tech names such as Nvidia and Meta Platforms.

The Dow Jones Industrials surged 235.83 points to end Tuesday at 39,005.49.

The broader index surged 57.33 points, or 1.1%, to 5,175.27.

The NASDAQ rocketed 246.36 points, or 1.5%, to 16,265.64.

Shares of chipmaker Nvidia climbed more than 5%. Microsoft gained 2.6%, and Meta popped 3%. Oracle surged more than 11% after beating Wall Street earnings estimates.

The consumer price index climbed 0.4% in February and 3.2% year over year, the Bureau of Labor Statistics said on Tuesday. Economists polled by Dow Jones expected a 0.4% increase last month and 3.1% year-over-year. Core inflation, which strips out food and energy from the headline reading, climbed 0.4% in February, compared to a forecast gain of 0.3%.

Investors now turn their attention to the producer price index report due this week and the Fed’s next monetary policy meeting later this month.

Prices for the 10-year Treasury lost ground, raising yields to 4.15% from Monday’s 4.10%. Treasury prices and yields move in opposite directions.

Oil prices shied away nine cents to $77.84 U.S. a barrel.

Gold prices flopped $26.50 to $2,162.10.

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