U.S. stocks jumped Wednesday as traders cheered new data that showed inflation rose less than expected last month.
The Dow Jones Industrials gathered 163.56 points to stop for noon hour at 34,424.98.
The S&P 500 hiked 29.42 points to 4,468.68
The NASDAQ index climbed 107.32 points, or 1.4%, to 13,868.02.
Bank stocks jumped on Wednesday. Citigroup and Goldman Sachs saw shares rally 2.9% and 2.5%, respectively. Regional banks also saw gains, with Comerica adding 5.1%, and Zions Bancorporation surging 4.9%.
The consumer price index rose 3% on a year-over-year in June. Economists polled by Dow Jones expected a 3.1% increase. Month over month, the index rose 0.2% last month, also less than forecast. On top of that, core CPI — which strips out volatile food and energy prices — also rose less than expected.
Prices for the 10-year Treasury were sharply higher, lowering yields to 3.86% from Tuesday's 3.98%. Treasury prices and yields move in opposite directions.
Oil prices improved 88 cents to $75.71 U.S. a barrel.
Gold prices soared $24.00 to $1,961.10 U.S. an ounce.