Markets Right Now: Stock indexes open higher on Wall Street

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The market started slightly lower Wednesday but turned higher within the first hour of trading and kept going.

U.S. stocks managed to shake off inflation data as consumer prices increased more than expected. "This makes sense because interest rates may not drive equities but both can rise concurrently from the environment that lifts them". In turn, this may send bond yields higher, triggering a fresh wave of selling in stocks that may last long enough to be a drag on the economy, analysts said. Bank of America rose 2.6 percent.

Apple and Cisco were among the big winners in tech, while industrial companies including Boeing also rose.

Indexes in Southeast Asia, New Zealand and India also rose.

But the Dow Jones later rose to end the day at 24,893, up 253 from Tuesday's close. The Nasdaq climbed 112 points, or 1.6 percent, to 7,256.

The yield on the 10-year Treasury note rose to 2.91 percent. South Korea's KOSPI gained 1.1 percent, while Japan's Nikkei upped 1.5 percent after three consecutive days of losses that put it to a four-month low the previous day.

Speculators expected European stocks to open higher as they saw Britain's FTSE inching up 0.5 percent. Bank of America rose 1.1 percent. The S&P 500 increased 35.69 points, or 1.34 percent, to 2,698.63.

Advancing issues outnumbered declining ones on the NYSE by a 2.28-to-1 ratio; on Nasdaq, a 2.94-to-1 ratio favoured advancers.

Investors were looking at the number closely because a sharp increase in wages last month, another key measure of inflation, helped set off this month's market plunge.

"The market should never have gone down 10.5 percent", said Rick Rieder, BlackRock's chief investment officer of global fixed income.

The Standard & Poor's 500 index fell 13 points, or 0.4 percent, to 2,651. But, the index remains down about 6 percent from its record high on January 26.

INFLATION: Investors took in their stride a report showing US consumer prices climbed at a slightly faster pace than expected in January. The Dow Jones Small-Cap Value TSM Index closed at 9,913.41 for a gain of 149.91 points or 1.54%.

Before the release of the data, the Dow futures were showing a gain of about 170 points. The broad index rose as much as 0.7 percent.

Underpinning confidence among many investors is the belief that the USA economy remains strong and that tax cuts enacted this year will spur corporate earnings and lead consumers to spend more. All European indexes had been higher before the US data.

Stocks are opening higher on Wall Street after several USA companies reported solid results.

The Labor Department said consumer prices, excluding food and energy, rose 0.3 percent last month. Recent swings in financial markets were touched off by worries that inflation might rise too quickly, which could prompt the Federal Reserve to accelerate increases in interest rates.

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