Dow surges 900 points as U.S. stocks open sharply higher after inflation report

U.S. stocks surged at the open Thursday, with the Dow Jones Industrial Average jumping 900 points, after a highly-anticipated inflation report came in softer than anticipated. The Dow
DJIA,
+2.35%
was up 2.8% soon after the opening bell, while the S&P 500
SPX,
+3.66%
jumped 3.7% and the Nasdaq Composite
COMP,
+4.89%
soared 5.1%, according to FactSet data, at last check. The U.S. Bureau of Labor Statistics said Thursday that inflation measured by the consumer price index rose 0.4% in October for an annual rate of 7.7%. That’s down from 9.1% in June. Economists polled by The Wall Street Journal had forecast that the pace of inflation last month rose 0.6%. Core inflation, which excludes energy and food prices, increased 0.3% in October for a rate of 6.3% in the past year. Treasury yields sank amid signs of inflation cooling, with the yield on the 10-year Treasury note down 24 basis points at 3.91% and two-year yields dropping 26 basis points to around 4.37%, FactSet data show, at last check.