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The Dow jumped 472.51 points (1%) to 47,207.12, the Nasdaq surged 263.07 points 1.2% to 23,204.87 and the S&P 500 climbed 53.25 points (0.8%) to 6,791.69. Consumer price inflation report was released that led to increased confidence in the Federal Reserve which will continue cutting interest rates in the coming months. Labor Department released a report showing consumer prices increased by slightly less than expected in the month of September. Its consumer price index rose by 0.3% in September after climbing by 0.4% in August. The report also said the annual rate of growth by consumer prices ticked up to 3.0% in September from 2.9% in August, although that was slower than the 3.1% jump expected by economists. The core consumer price index excluding food and energy prices crept up by 0.2% in September after rising by 0.3% in August. Core consumer prices were expected to increase by another 0.3%. The Labor Department also said the annual rate of growth by core consumer prices slowed to 3.0% in September from 3.1% August. Buying interest was also generated in reaction to upbeat earnings news from big-name companies like Ford (F), Procter & Gamble (PG) and Intel (INTC). Ford spiked by 12.2% after the auto giant reported third quarter results that exceeded analyst estimates on both the top and bottom lines. Procter & Gamble also advanced by 0.9% after the consumer products giant reported fiscal first quarter results that exceeded expectations. Intel pulled back well off their early highs but still rose by 0.3% after the semiconductor giant reported better than expected third quarter sales. Computer hardware stocks extended the rally seen during the previous session, with the NYSE Arca Computer Hardware Index surging by 3.2% to a new record closing high. Banking stocks displayed substantial strength while gold stocks bucked the uptrend amid a modest decrease by the price of the precious metal. Asia-Pacific stocks moved mostly higher Japan's Nikkei 225 Index jumped by 1.4% while South Korea's Kospi surged by 2.5%. Most European stocks also moved to the upside on the day. The U.K.'s FTSE 100 Index climbed by 0.7% and the German DAX Index inched up by 0.1%, although the French CAC 40 Index closed just below the unchanged line. In the bond market, treasuries have shown a lack of direction over the course of the session. Currently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 3.99%. Powered by Capital Market - Live News
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