The Dow Jones Industrials took on 100.79 points to break for lunch at 34,928.49.
The S&P 50 index gained 9.55 points to 4,505.69.
The NASDAQ advanced 27.83 points to 14,122.21.
In corporate news, Target popped 17% on better-than-expected results for the third quarter. Shares of apparel company VF added nearly 15% following a JPMorgan upgrade to neutral from underweight.
These gains came after October’s consumer price index, a key inflation metric, came in lower than the 0.1% increase economists surveyed by Dow Jones had expected. Instead, the CPI came in flat on a monthly basis. Investors celebrated the news, sending stocks soaring on the hopes that the Federal Reserve could finally put an end to its rate-hiking campaign.
October’s producer price index, which measures wholesale prices, fell by 0.5% to mark its biggest monthly drop since April 2020. Not all of the economic data was positive, however, since retail sales also declined.
Prices for the 10-year Treasury fell, raising yields to 4.55% from Tuesday’s 4.45%. Treasury prices and yields move in opposite directions.
Oil prices backpedaled $1.26 to $77.00 U.S. a barrel.
Gold prices slumped $2.30 to $1,964.20.