US consumer price inflation cooled more than expected, with the Consumer Price Index rising 3.2% for the 12 months ending in October, the lowest annual rate since March 2021. This news sent US stocks sharply higher, providing some relief to Americans who have been dealing with high prices.
The Dow was up by more than 500 points, the S&P 500 gained 2%, and the Nasdaq Composite added 2.3%. On a monthly basis, prices remained unchanged for the first time since July 2022.
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