US stock market rallies ahead of key consumer inflation data

Dow Jones adds 305 points, Nasdaq soars more than 2%

Övünç Kutlu   | 10.02.2022
US stock market rallies ahead of key consumer inflation data Closing bell is seen on the New York Stock Exchange (NYSE) trading floor in Manhattan, New York City, United States ( Tayfun Coşkun - Anadolu Agency )


Major indexes in the US stock market rallied to close with large gains Wednesday ahead of key consumer inflation data. 

The Dow Jones added 305 points, or 0.86%, to close at 35,768.

The S&P 500 gained 65 points, or 1.45%, to end the day at 4,587.

The tech-heavy Nasdaq soared 295 points, or 2.08%, to finish at 14,490.

The VIX volatility index was down 6.4% to 20.07, as the fear index continues to find strong support at the key level of 20.

The dollar index fell 0.1% to 95.55 and the yield on 10-year US Treasury notes decreased 0.46% to 1.947%.

Precious metals were on the rise, with gold adding 0.4% to $1,833 per ounce and silver gaining 0.46% to $23.3.

Crude oil prices recovered from a two-day loss. Brent crude was trading at $91.78 per barrel with a 1.1% gain, while US benchmark West Texas Intermediate was at $90.03, up 0.75%.

US consumer prices in December were up 7% year-on-year, marking the highest annual increase in almost 40 years. The rise for January is expected to come in at 7.3%, according to estimates.

The consumer price index for January will be released before the market opens at 8.30 a.m. EDT Thursday.

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