Stocks hit record highs as Fed tapering concerns ease

NEW YORK - Global shares hit record highs Wednesday after data showed US consumer price increases slowed in July, easing concerns that the Federal Reserve will imminently signal a scaling back of bond purchases.

Speculation is growing that Fed Chair Jerome Powell will signal timings on tapering stimulus at a meeting of central bankers in Jackson Hole, Wyoming, on Aug. 26-28. US nonfarm payrolls figures due in September could also influence tapering if they are particularly strong. The Dow Jones Industrial Average rose 220.23 points, or 0.62 percent, to 35,484.9, the S&P 500 gained 11.02 points, or 0.25 percent, to 4,447.77 and the Nasdaq Composite dropped 22.95 points, or 0.16 percent, to 14,765.14.

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