U.S. stocks jumped on Wednesday after a report showed tame inflation, easing worries about rising prices that have jolted yields higher and unnerved equity investors.
The Dow Jones Industrials popped 299.77 points at 32,132.51
The S&P advanced 22.65 points to open at 3,898.77, led by energy and cyclicals.
UBS hiked its year-end S&P 500 target to 4,250 from 4,100 on Tuesday, representing a near 9% gain from here. UBS turned more bullish on stocks for the year with incoming stimulus and pent-up consumer spending.
The NASDAQ Composite improved 92.97 points to 13,166.79.
Tesla jumped another 6%. Zoom Video was also 3% higher. Cathie Wood’s flagship active exchange-traded fund Ark Innovation ETF leaped another 3% after soaring 10% for its best day ever on Tuesday.
Data out Wednesday morning showed February consumer prices increased 0.4%, matching expectations from economists polled by Dow Jones. The Consumer Price Index gained 1.7% on a year-over-year basis, also in line with estimates.
Prices for 10-Year Treasurys stood still, keeping yields at Tuesday’s 1.54%.
Oil prices rose 52 cents to $64.53 U.S. a barrel.
Gold prices dulled 30 cents to $1,716.60.