Wall Street gains as growth stocks rebound after inflation data

The Labor Department's report showed consumer prices shot up to 8.5% in 12 months through March, slightly higher than estimated 8.4%, although the so-called core CPI fell short of estimates at 6.5%

The Nasdaq led Wall Street's main indexes higher on Tuesday after data showed consumer prices rose largely in line with estimates, taking pressure off high-growth stocks that were hammered on expectations of aggressive U.S. interest rate hikes.
 

The Labor Department's report showed consumer prices shot up to 8.5% in the 12 months through March, slightly higher than the estimated 8.4%, although the so-called core CPI fell short of estimates at 6.5%.
 

"The surprise came in core inflation and this provided some relief to a market that has been very concerned about inflationary pressures," said George Catrambone, head of trading at