(CNBC) — Stocks rose Tuesday after new inflation data showed price pressures slowed again in May, adding to investor optimism that the Federal Reserve could skip a rate hike when it next decides on policy this week.
The Dow Jones Industrial Average traded 145.79 points higher, or 0.43%, to close at 34,212.12. The S&P 500 added 0.69% to close at 4,369.01, and the Nasdaq Composite advanced 0.83% to 13,573.32.
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The S&P 500 and the Nasdaq notched fresh 13-month highs during Tuesday’s session. Both indexes each reached their highest closing levels since April 2022 on Monday.
