Major stock exchanges on Wall Street turned to gains for the second time since Wednesday's opening bell, with the Dow Jones soaring 200 points.
The upbeat sentiment was seemingly driven by the Bureau of Labor Statistics' latest report on consumer prices, which showed that consumer inflation in the United States rose by 2.9% in July, slightly lower than the 3% increase in June and the lowest reading since 2021. Economists surveyed by Dow Jones had anticipated a 3% gain compared to the same period last year. On a monthly basis, prices experienced a slight uptick of 0.2%, in line with market expectations.
The Dow Jones jumped 0.53% or 210 points at 9:51 am ET. A minute later, the Nasdaq 100 gained 0.36% and the S&P 500 was up 0.42%. The euro traded 0.28% above the dollar at 9:52 pm ET, changing hands for 1.10249.
