The Nasdaq led Wall Street’s main indexes higher on Tuesday after data showed consumer prices rose largely in line with estimates, taking pressure off high-growth stocks that were hammered on expectations of aggressive U.S. interest rate hikes.
The Labor Department’s report showed consumer prices shot up to 8.5% in the 12 months through March, slightly higher than the estimated 8.4%, although the so-called core CPI fell short of estimates at 6.5%.
