(By Salman - iStockAnalyst Writer)US stocks rallied on Wednesday as better than expected quarterly results from chipmaker Intel boosted optimism..
The Dow Jones Industrial Average climbed 256.72 points or 3.07% to finish at 8,616.21. The S&P 500 increased 26.84 points or 2.96% to end at 932.62. The Nasdaq Composite advanced 63.17 points or 3.51% to 1,862.90.
A release by Department of Labor on Wednesday showed consumer price index increased 0.7% in June. The core consumer price index, which excludes food and energy, rose 0.2% in the month. Economists had forecast an increase of 0.6% in consumer price index and a rise of 0.1% in core consumer price index.
According to US Federal Reserve, U.S. industrial production declined 0.4% in June after a 1.2% decline in May. Economists expected June's industrial output to fall 0.6%. Capacity utilization dropped to a record low 68% in June from 68.2% in the previous month.
Shares of American Express Co. (NYSE:
) jumped $2.76 or 11.28% to 27.22.JP Morgan & Chase & Co. (NYSE:
) rallied $1.56 or 4.50% to $36.26. Bank of America Corp. (NYSE:
) surged 51 cents or 3.95% to $13.42.
Alcoa (NYSE:
), the largest US aluminum maker soared 55 cents or 5.74% to $10.14.
Caterpillar Inc.
