NEW YORK, Aug. 10 (Xinhua) -- U.S. stocks recorded substantial growth on Wednesday with weaker inflation in July.
The Dow Jones Industrial Average was up 535.10 points, or 1.63 percent, to 33,309.51. The S&P 500 increased 87.77 points, or 2.13 percent, to 4,210.24. The Nasdaq Composite Index increased 360.87 points, or 2.89 percent, to 12,854.80.
All of the 11 primary S&P 500 sectors ended in green, led by 2.88 percent growth of consumer discrepancy and 2.87 percent rise of materials.
U.S. consumer price index (CPI) in July stayed unchanged from that in June, while market consensus forecasted 0.2 percent of month-on-month expansion, according to data issued by the U.S. Department of Labor on Wednesday morning. The index recorded 1.3 percent of month-on-month growth in June.
Market sentiment stayed at a high level during the session with major indexes seeing narrow fluctuations.
Regardless of the easing U.S. CPI number, inflation is still way above the Federal Reserve's 2 percent target, said UBS ahead of the release of the data.
"As long as inflation remains far above 2% and the Fed wants to cool the economy, markets are facing headwinds," said Mark Haefele, chief investment officer at UBS Global Wealth Management. ■