Stocks climbed after a cooler reading on inflation bolstered Wall Street’s expectations that the Federal Reserve will hold off on another interest rate hike this week.
The S&P 500 rose 0.7 percent Tuesday, touching heights unseen since April 2022. The Dow Jones Industrial Average gained 145 points, while the Nasdaq composite rose 0.8 percent.
Stocks have been on a roll amid hopes the economy can avoid a severe recession and inflation can ease enough for the Fed to ease off its hikes. Unlike early this year, Tuesday’s gains were widespread. Four out of five stocks in the S&P 500 index climbed….