Wall Street gains as growth stocks rebound after inflation data

The Dow Jones Industrial Average was up 243.93 points, or 0.71%, at 34,552.01, the S&P 500 was up 48.24 points

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 US 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%.

"The surprise came in core inflation and this provided some relief to a market that has been very concerned about inflationary pressures," said George Catrambone, head of trading at DWS Group.

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