The Dow Jones Industrials more than made up for Wednesday’s losses, rising 1,198.27 points, or 3.7%, to 33,712.21.
The S&P 500 rocketed 207.31 points, or 5.5%, to 3,955.88. The Dow touched its highest since August on Thursday and the S&P 500 rose above the 3,900 level.
The NASDAQ vaulted 760.97 points, or 7.4%, to 11,114.15.
Tech stocks that have been hardest hit by the rise in inflation and surging interest rates led the gains Thursday. Shares of Amazon were up 13%. Apple, Meta and Microsoft were each up more than 6%. Shares of Meta were up 5.4%. Tesla jumped 5.3%.
Semiconductor stocks got a boost too, with shares of Lam Research and Applied Materials each up more than 5%. KLA also popped 3.7%.
The consumer price index, a broad-based measure of goods and services costs, rose just 0.4% for the month and 7.7% from a year ago. That was its lowest annual increase since January. Economists were expecting increases of 0.6% and 7.9%, according to Dow Jones. Excluding volatile food and energy costs, so-called core CPI increased 0.3% for the month and 6.3% on an annual basis, also less than expected.
Prices for the 10-year Treasury leaped, lowering yields to 3.82% from Wednesday’s 4.09%. Treasury prices and yields move in opposite directions.
Oil prices switched gears and gained 41 cents to $86.24 U.S. a barrel.
Gold prices jumped $43.40 to $1,757.10 U.S. an ounce.