U.S. stocks closed higher Tuesday in a choppy session, after the latest CPI data showed inflation continued to retreat from its June peak. The Dow Jones Industrial Average rose about 105 points, or 0.3%, ending near 34,110:
U.S. stocks closed higher Tuesday in a choppy session, after a gauge of consumer prices showed inflation continued to retreat from its June peak. The Dow Jones Industrial Average DJIA, +0.30% rose about 105 points, or 0.3%, ending near 34,110, according to FactSet, after initially climbing about 700 points in early trade. The S&P 500 index SPX, +0.73% gained 0.7% and the Nasdaq Composite Index COMP, +1.01% advanced 1%.
Lower inflation, though still painfully high, gave more hope to investors that the Federal Reserve might be able to increase rates at a less dramatic pace than earlier in 2022, while potentially pausing at a"terminal," or peak, rate that produces a soft-ish landing for the U.S. economy. Bond yields fell Tuesday after the inflation reading, with the 10-year Treasury rate tumbling 11.1 basis points to 3.5%, the biggest daily yield decline for the benchmark rate since Dec.
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