US stocks rose and Treasury yields dipped on Tuesday, as new signs that inflation cooled last month boosted hopes that the Federal Reserve would slow the pace of its interest rate increases.
Wall Street’s benchmark S&P 500 ended the day 0.9 per cent higher, having trimmed earlier gains, while the tech-heavy Nasdaq Composite rose 1.4 per cent. The S&P 500 has gained nearly 14 per cent from its intraday low in the second week of October.
Tuesday’s gains followed a report that showed US producer prices rose 0.2 per cent in October from September, compared with expectations in a Bloomberg poll of 0.4 per cent. The annual rate of wholesale inflation came in at 8 per cent, down from 8.4 per cent in September.
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