US stocks soar after key inflation figures

US stocks soar after key inflation figures

Dow, S&P 500 up 1.3% each, Nasdaq jumps 1.6%

By Ovunc Kutlu

ISTANBUL (AA) - US stocks soared at the opening bell Wednesday following key figures on consumer inflation.

The Dow soared 444 points, or 1.27%, to 35,567 at 10.01 a.m. EDT. The S&P 500 was up 58 points, or 1.31%, to 4,525.

The tech-heavy Nasdaq jumped 218 points, or 1.6%, to 13,940.

Annual consumer inflation in the US came in at 3.2% in July, accelerating from the previous month's figure of 3%, but below estimates of 3.3%, according to Labor Department figures that were released earlier.

Core consumer price index (CPI), which excludes volatile food and energy prices, rose 4.7% in July, lower than the expectations of 4.8%, after it gained 4.8% in June year-on-year.

The CPI and core CPI increased 0.2% in July from the previous month, coming in line with expectations, and followed a 0.2% gain in June.

The VIX volatility index, also known as the fear index, plummeted 8.4% to 14.62. The 10-year US Treasury yield, meanwhile, fell 0.5% to 3.993%.

The dollar index lost 0.4% to 102.11, while the euro rose 0.58% to $1.1037 against the greenback.

Precious metals were in positive territory, with gold adding 0.3% to $1,920 per ounce and silver increasing 0.6% to $22.81.

Oil prices were down more than 0.3%, with global benchmark Brent crude at $87.30 per barrel and US benchmark West Texas Intermediate at $83.88.

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