US stock indices surged on Tuesday after the release of inflation data.
At 10:30 a.m. Eastern time, the Dow Jones Industrial Average was up 215 points, or 0.6 per cent, the S&P 500 was 0.8 per cent higher, and the Nasdaq composite was 1 per cent higher.
US inflation rose for a second straight month in February on higher gasoline prices.
ALSO READ: US inflation rises again in Feb
The core consumer price index (CPI), which excludes food and energy costs, rose 0.4 per cent from January to February, a pickup from the previous month’s figure of 0.3 per cent, according to government data released on Tuesday.
On annual basis, the consumer prices rose 3.2 per cent last month, faster than January’s 3.1 per cent.
The latest consumer prices data indicates that stubborn inflation remains a persistent challenge for the Federal Reserve.
Fed policymakers are expected to hold interest rates steady for a fifth straight time at the upcoming monetary policy meeting next week.
The yield on the 10-year Treasury rose to 4.13 per cent from 4.10 per cent late on Monday.
Shares of Oracle jumped 11 per cent after the company reported stronger quarterly profit.
Nvidia rose 3.1 per cent, New York Community Bancorp gained 1.5 per cent, 3M climbed 4.3 per cent.
Boeing dropped 4.1 per cent after a report said an audit by the Federal Aviation Administration (FAA) found dozens of problems with the 737 MAX’s production.
European stocks were mostly higher on Tuesday.
Britain’s FTSE 100 climbed 1.1 per cent at 7,751.96. France’s CAC 40 added 0.2 per cent at 8,033.91. Germany’s DAX edged up 0.4 per cent at 17,821.30.
Euro Stoxx 50 rose 0.3 per cent at 4,944.18.
In Asian stock markets, Hong Kong’s Hang Seng Index rallied 3.1 per cent at 17,093.50. China’s Shanghai Composite lost 0.4 per cent at 3,055.94.
Japan’s Nikkei 225 fell 0.1 per cent at 38,797.51.
Oil prices rose on Tuesday after OPEC stuck by its forecast for relatively strong growth in global oil demand in 2024.
Brent futures for May delivery were up 24 cents at $82.45 a barrel by 1420 GMT. The April US West Texas Intermediate (WTI) crude contract rose 31 cents at $78.24.
Gold prices fell on Tuesday as US inflation rose again in February. Spot gold was down 1 per cent at $2,161.14 an ounce as of 9:54 a.m. in New York.
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Published: 12 Mar 2024, 08:30 PM IST