Wall Street capped a day of wobbly trading with modest gains for stocks Wednesday, as investors weighed the implications of the latest economic snapshot showing rising inflation. The S&P 500 rose 0.3 percent after veering between a loss of 0.1 percent and a gain of 0.8 percent over the course of the day. The Dow Jones Industrial Average eked out a 0.1 percent gain, while the Nasdaq composite rose 0.2 percent. Investors were focused on a report from the Labor Department, which showed consumer prices jumped 7 percent last month. That’s the fastest year-over-year pace in the consumer price index in nearly four decades. The sharp increase, which was in line with economists’ forecasts, came a day after Fed Chair Jerome Powell told Congress that the central bank stands ready to raise rates to fight inflation. “That’s the next (thing) that investors are looking at, trying to figure out what the Fed …