On Tuesday, stocks extended their robust November gains as Wall Street welcomed encouraging U.S. inflation data.

The Dow Jones Industrial Average surged by 451 points, marking a 1.3% increase, while the S&P 500 rallied by 1.7%, briefly surpassing the significant 4,500 level. The Nasdaq Composite also experienced a 2% uptick.

These gains contributed to the impressive performance of stocks this month. The S&P 500 and Dow have seen increases of 7.3% and 5.4%, respectively, in November.

Meanwhile, the Nasdaq has soared by 9.4%, poised for its most substantial one-month gain since January, CNBC reported.

Last month’s Consumer Price Index (CPI) remained unchanged, contrary to the 0.1% month-over-month gain anticipated by economists polled by Dow Jones.

The core CPI, excluding food and energy prices, was lower than expected, marking its slowest growth in two years.

This development fostered optimism in the market, as it suggested the possibility of the Federal Reserve concluding its rate-hiking campaign.

Written by B.C. Begley