Wall Street surges as inflation data, bank earnings fuel rally
inflation data and solid earnings from major U.S. banks fueled a rally.
The Labor Department said the consumer price index (CPI) increased the most in nine months as energy costs rose, although a measure of underlying inflation pressures subsided.
Data on Tuesday showed the producer price index (PPI) rose less than expected.
«We've gotten so puckered over the fact that rates might be going up and this is going to be a problem and the UK won't be able to borrow money and oh, our deficit, and so everyone was kind of wound up,» said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.
«The CPI number and the PPI number — they're not super cool, but they're certainly not hot — and certainly it leads one to believe that the embers of inflation are dying.»
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