(CNBC) -- The Dow Jones Industrial Average and the S&P 500 rose on Wednesday after inflation jumped, but not by quite as much as investors feared when stripping out volatile food and energy prices.
The 30-stock Dow gained 220.30 points, or 0.6%, to 35,484.97 to close at a new record. The index was lifted by names like Caterpillar and Home Depot. The S&P 500 traded up 0.2% to 4,447.70, also notching an all-time high. The technology-heavy Nasdaq Composite traded over 0.1% lower to 14,765.14.
July’s Consumer Price Index released Wednesday showed prices jumped 5.4% since last year, compared to expectations of 5.3%, according to economists surveyed by Dow Jones. The government said CPI increased 0.5% in July on month-to-month basis.
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