Dow Jumps To New Record High As Market Accelerates

After a tame inflation report on Wednesday, U.S. stocks climbed higher as worries have eased about rising prices that have pushed yields higher and unnerved equity investors.

Data reported on Wednesday revealed that February consumer prices increased 0.4 percent, matching expectations from economists polled by Dow Jones. The Consumer Price Index gained 1.7 percent on a year-over-year basis, also in line with estimates.

READ MORE: Nasdaq Leads The Charge As Tech Stocks Boom

The Dow Jones Industrial Average hit an intraday record high after it gained 350 points. The S&P 500 added 0.8 percent, led by energy and cyclical stocks. The tech-heavy Nasdaq Composite climbed 1.5 percent, following a 3.7 percent rally in the previous session.

“The biggest concern that markets have had over the last month or so has been inflation running hotter than we estimate, clearly CPI puts that to rest, at least for today,” said Art Hogan of National Securities. “The yield on the 10-year has ceased going parabolic.”