Stocks climbed higher on Wednesday as market participants grew more confident that inflation may be cooling ahead of Thursday's consumer price index (CPI) report. The Dow Jones Industrial Average rose over 265 points, while the S&P 500 Index and Nasdaq Composite gained about 1.3% and 1.8%, respectively.
Here's how the market settled on Wednesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Driving most of the market moves on Wednesday, economists expect Thursday's CPI report to show prices cooling by a modest 0.1% in December over the prior month. However, economists forecast for a 6.5% increase from the prior year. Economists also expect Core CPI, which excludes food and energy prices, to rise 0.3% in December and 5.7% higher on an annual basis.
Wednesday brought the first four-day rally for the Nasdaq since September, with the index climbing this week as investors picked up technology stocks as they expect the Federal Reserve to soon ease its rate-hiking campaign in response to cooling inflation.
Beyond the highly anticipated CPI report, Wednesday was a big day for meme stocks, with retailer Bed Bath & Beyond
Shares of Party City
Elsewhere, Wells Fargo
Beyond Thursday's CPI report, market participants will react to the start of the new earnings season on Friday, with JPMorgan Chase