NEW YORK: US stocks jumped on Wednesday with the Dow hitting a record high, as data showed underlying consumer prices remained tepid in February, easing concerns about a spike in inflation.
The 10-year US Treasury yield slipped from its session highs as data showed core consumer prices index, which excludes volatile items such as food and energy, rose less than expected last month.
The Nasdaq extended gains after logging its best one-day percentage jump in four months on Tuesday, helped by a near 20% jump in Tesla Inc’s shares as investors picked up momentum stocks that had recently taken a beating due to higher yields.
Amazon.com Inc, Microsoft Corp and Tesla extended gains by 0.8% and 4% from the previous session, while economy-linked industrial and financial stocks jumped more than 1% each.
Shares of GameStop jumped another 19%, setting the videogame retailer on track for its longest streak of daily gains in six months and extending a rally that has already doubled the company’s market value.
The S&P 500 posted 20 new 52-week highs and no new low, while the Nasdaq recorded 174 new highs and 10 new lows.