The February consumer price index inflation rose 3.2% annual rate, faster than the 3.1% pace set in January. Rising shelter and gasoline costs, according to the Bureau of Labor Statistics, accounted for more than 60% of the index's increase. Meanwhile, the annual rate of core consumer price growth slowed to 3.8% in February from 3.9% in January. While core price growth slowed by slightly less than expected, the slowdown still seems to have added to optimism about the outlook for interest rates.
At closing bell, the Dow Jones Industrial Average index was up 235.83 points, or 0.61%, to 39,005.49. The S&P500 index added 57.33 points, or 1.12%, to 5,175.27. The tech-heavy Nasdaq Composite index surged 246.36 points, or 1.54%, to 16,265.64.
Total 7 of the 11 major S&P 500 sectors inclined, with information technology sector being top performer, rising 2.54%, while utilities sector was bottom performer, falling 1%.
Among commodity news, Crude Oil prices were lower on Tuesday after OPEC left its 2024 oil demand-growth estimate at 2.2 million barrels, and lowered slightly its forecast for non-OPEC supply growth to incorporate additional voluntary cuts in 2Q by OPEC+ countries. The West Texas Intermediate contract for April declined 0.5% at $77.56 a barrel, and May Brent falls 0.4% to $81.92 a barrel.
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