(Reuters) – The Nasdaq led the charge on Wall Street on Tuesday after data showed inflation rose largely in line with estimates, lifting growth stocks that were hammered by a surge in Treasury yields on expectations of aggressive U.S. interest rate hikes.
The Labor Department’s report showed consumer prices surged to 8.5% in the 12 months through March, slightly higher than the estimated 8.4%, but investors focused on the so-called core CPI that fell short of estimates at 6.5%.
“Inflation is still a really big part of the macro narrative here (but) we’re seeing some encouraging signs beneath the surface,” said Mike Reynolds, vice president of investment strategy at Glenmede.
“Market has been picking up today on the fact that the CPI was a bit softer than…
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