The Dow Jones Industrials gave up 30.48 points to wrap up Wednesday at 33,531.33.
The S&P 500 index gained 18.47 points to 4,37.64.
The tech-heavy NASDAQ grew 126.89 points, or 1%, to 12,306.44.
April consumer prices increased 4.9% from a year ago, which was less than the 5% annual increase expected by economists polled by Dow Jones. Month-over-month inflation matched expectations with a 0.4% increase in April.
Wall Street also monitored the latest updates on the U.S. debt ceiling as worries mount that an agreement may not be reached before June 1, which is the earliest date the Treasury Department says the U.S. could default. President Joe Biden held a key meeting with congressional leaders after the bell Tuesday, but comments from leadership on both sides of the aisle suggested that little progress was made. Biden and Congressional leaders will meet again on Friday.
Prices for the 10-year Treasury moved forward, lowering yields to 3.44% from Tuesday’s 3.53%. Treasury prices and yields move in opposite directions.
Oil prices sank 93 cents to $72.78 U.S. a barrel.
Gold prices dropped five dollars to $2,037.90 U.S. an ounce.