Wall St opens higher as bets on big rate hikes ease after inflation data

This post was originally published on this site

(Reuters) – Wall Street rose sharply at the open on Wednesday as data showed a slower-than-expected rise in inflation last month prompted traders to cut their bets on a third straight 75-basis-point interest rate hike in September.

The Dow Jones Industrial Average rose 356.22 points, or 1.09%, at the open to 33,130.63. The S&P 500 opened higher by 58.55 points, or 1.42%, at 4,181.02, while the Nasdaq Composite gained 299.51 points, or 2.40%, to 12,793.44 at the opening bell.