U.S. stock indexes opened higher on Thursday after U.S. consumer prices picked up on an annual basis in July, snapping a 12-month streak of slowing increases, but steady monthly readings on underlying price pressures could still deter the Federal Reserve from raising rates. The Dow Jones Industrial Average DJIA, +1.25% rose 267 points, or 0.8%, to 35,395, while the S&P 500 SPX, +1.28% gained 0.7% and the Nasdaq Composite COMP, +1.61% advanced 0.9%. U.S. consumer prices rose by 0.
2% in July on both a headline and core basis, both in line with the Dow Jones estimate, according to the latest consumer-price index report from the Department of Labor. The core rate omits volatile food and energy costs. However, the yearly rate of inflation rose to 3.2% from to 3% in the prior month, slightly below the 3.3% forecast.
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Stock market outlook: July CPI report to spark a big rally for stocksThis week's inflation report will spark a big rally in the stock market, Fundstrat says
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Stock market news today: US stocks fall ahead of July CPI reportUS stocks fall as investors brace for July CPI report
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