Stocks climb after inflation report, shake off news of Tillerson departure

U.S. stock indexes rallied on Tuesday as investors welcomed benign inflation data and digested news that President Trump nominated Central Intelligence Agency Director Mike Pompeo to replace Secretary of State Rex Tillerson.

Meanwhile, closely watched consumer-inflation data was in line with expectations, helping to placate worries rising prices would hasten interest-rate hikes by the Federal Reserve.

The S&P 500 index was up 17 points, or 0.6%, to 2,799 with all 11 main sectors trading higher, led by the materials and health-care sectors.

The Dow Jones Industrial Average gained 181 points, or 0.7% to 25,360, supported by a rise in shares of component Caterpillar Inc. up 2%.

The Nasdaq Composite Index was up 33 points, or 0.4%, to 7,621, trading in record territory. The index hit a fresh all-time intraday high at 7,637.27.

The consumer-price index rose a mild 0.2% in February after a worrisome 0.5% increase in the first month of the year. The cost of housing rose and the price of clothes and auto insurance posted surprisingly large gains for the second month in a row.

Source: Marketwatch

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