Stocks rose Wednesday as traders absorbed a hotter-than-expected August core inflation print.
The Dow Jones Industrials recovered 61.59 points to reach noon at 34,707.58.
The S&P 500 index regained 12.81 points to 4,474.91.
The NASDAQ index moved positive 59.23 points to 13,832.85.
Tesla shares gained 1.8% after billionaire investor Ron Baron stood by his bullish thesis on the electric vehicle maker. Other mega-cap tech stocks rose, with shares of Amazon advancing 2%. Microsoft and Meta Platforms shares added more than 1% each.
August’s core inflation print in the consumer price index increased 0.3% and 4.3% respectively, against estimates for 0.2% and 4.3%. Federal Reserve officials focus more on the core number as it provides a better indication of where inflation is heading over the long term.
Meanwhile, the headline numbers rose 0.6% last month, and were up 3.7% from a year ago. Economists surveyed by Dow Jones were looking for respective increases of 0.6% and 3.6%.
Prices for the 10-year Treasury regained former strength, lowering yields to 4.25% from Tuesday’s 4.27%. Treasury prices and yields move in opposite directions.
Oil prices nosed higher seven cents to $88.91 U.S. a barrel.
Gold prices faded three dollars to $1,932.10 U.S. an ounce.