(CNBC) -- Stocks rose Tuesday after the release of new U.S. inflation data, while traders awaited a key Federal Reserve policy decision.
The Dow rose 123 points, or 0.36%, after surging more than 700 points earlier in the day. The S&P 500 added 0.81%, while the Nasdaq Composite rose 1.08%. At session highs, the S&P 500 was up 2.77%, while the Nasdaq advanced 3.84%.
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Stocks initially rallied after the consumer price index showed an increase of just 0.1% from the previous month, and a gain of 7.1% from a year ago, the Labor Department reported Tuesday. Economists surveyed by Dow Jones had been expecting a 0.3% monthly increase and a 7.3% 12-month increase. Excluding volatile food and energy prices, so-called core CPI rose 0.2% on the month and 6% on an annual basis, compared to respective estimates of 0.3% and 6.1%.
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