Wall Street Slightly Higher On Wednesday

US stocks traded higher on Wednesday after the inflation report comprising the awaited CPI data was released but in the afternoon trade gains were cut. The inflation figures in the US eased concerns that the Fed will need to tighten faster than early announced.

The S&P 500 added roughly 0.28% to 4,726.35, and the Nasdaq Composite rose 0.23% to 15,188.39 for its third straight positive day.

The Dow Jones Industrial Average, which shuffled between modest gains and losses through the session, finished with a gain of 38.3 points, or 0.11%, at 36,290.32.The moves come after the December reading for the consumer price index, a gauge of prices across a broad spectrum of goods, showed a gain of 7% year over year.

That is the biggest jump since 1982, but was in line with expectations from economists surveyed by Dow Jones. The monthly increase was slightly hotter than expected.

Treasury yields edged lower, giving the tech sector some relief. On the corporate front, stocks linked to economic growth were among the top performers with chemical company Mosaic rising more than 3%, while software giants such as Microsoft and Alphabet gained more than 1%.

Biogen shares sank almost 7% after Medicare said it will only partially cover the Alzheimer’s drug Aduhelm. Traders now turn their attention to the earnings season with Wells Fargo, Citigroup, JPMorgan due to report Friday.