The Nasdaq Composite led the gains rising 2% while the S&P 500 added 1% and the Dow Jones Industrial Average rose by the same amount or over 344 points.
The rally came as investors shrugged off another hot inflation report. The producer price index rose 1.4% month-over-month, according to the Bureau of Labor statistics. Year-over-year, prices paid by wholesalers jumped a record 11.2%, up from 10% in February. Factoring out volatile food and energy costs, core producer prices rose 1% monthly in March, up from 0.2% the prior month. Year-over-year, look for core PPI to jump 9.2% in March. On Tuesday, the government reported that the consumer price index, a closely-watched gauge of retail inflation, surged to a 40-year high in March.
In earnings news, Delta shares rose after the carrier said it has returned to profitability as consumer demand rebounds. The disclosure bodes well for other carriers. Separately, pilots at Southwest warned CEO Robert Jordan of fatigue through their union.
Source: News Formal (newsformal.com)
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