Stocks stage big turnaround after plunging on inflation data; Dow soars 800 points, S&P 500 gains near 3%

U.S. stocks powered higher Thursday from large early-session drops as Wall Street shook off inflation data that showed consumer prices climbed more than expected.

The S&P 500 (^GSPC) was up nearly 3%, marking its biggest intraday comeback since February. The Dow Jones Industrial Average (^DJI) edged higher by more than 800 points, or 2.8%. The technology-heavy Nasdaq Composite (^IXIC) ticked up 2.2%. The 10-year Treasury yield moved closer to 4%.

The Bureau of Labor Statistics released its Consumer Price Index (CPI) for September early Thursday, which showed prices rose 8.2% over the prior year and 0.4% over the prior month. The core consumer price index, which excludes food and energy, rose 6.6% from a year ago, marking the highest level since 1982. Core CPI rose by 0.6% month over month.

Economists surveyed by Bloomberg had expected a slight deceleration to 8.1% annually and the core reading to accelerate to 6.5% from a year earlier.

https://finance.yahoo.com/news/stock-market-news-live-updates-october-13-112745635.html