Wall Street Opens Higher as Bets on Big Rate Hikes Ease After Inflation Data

Wall Street Opens Higher as Bets on Big Rate Hikes Ease After Inflation Data
Traders work on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City on Aug. 8, 2022. (Andrew Kelly/Reuters)
Reuters
8/10/2022
Updated:
8/10/2022

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 percent, at the open to 33,130.63. The S&P 500 opened higher by 58.55 points, or 1.42 percent, at 4,181.02, while the Nasdaq Composite gained 299.51 points, or 2.40 percent, to 12,793.44 at the opening bell.