New York, Nov. 15 (BNA): Stocks rose broadly in morning trade on Wall Street Tuesday after the government reported another dip in the pace of wholesale price inflation last month, in the latest glimpse of hope that inflationary pressures in the United States may be abating. .
The S&P 500 is up 1.5% as of 10:13 AM ET. The Dow Jones Industrial Average rose 273 points, or 0.8%, to 33,807 points, and the Nasdaq rose 2.4%, according to the Associated Press.
Technology stocks and retailers posted some of the biggest gains. Apple stock jumped 3.5%. Wal-Mart rose 6.9% after reporting strong financial results, raising earnings expectations and announcing an illegal settlement.
Prices ate the wholesale level rose 8% in October from the 12 months prior, the fourth consecutive decline. Every measure of the latest inflation report came out cooler than economists expected.
The data comes on the heels of last week’s report on consumer prices, which also showed inflation still falling from its highest levels in decades, albeit slowly.
Recent updates on inflation have investors betting that the Federal Reserve will raise interest rates by half a percentage point at its December meeting, according to CME Group.
The Fed has been aggressively raising interest rates to make borrowing more difficult and slowing spending in general to calm inflation.
The strategy risks slowing economic growth too much and causing a recession. That fear was hovering over Wall Street.
Investors will get more updates on the impact of inflation on businesses and consumers this week through corporate earnings from major retailers.
Wall Street will get a broader update on retail sales on Wednesday when the government releases its October report.
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