Wall Street’s major indexes began trading strongly higher on Tuesday after a smaller-than-expected rise in US consumer prices bolstered hopes that the Federal Reserve would ease the pace of interest rate hikes.

The Dow Jones Industrial Average rose 555.64 points, or 1.65%, to 34,546.65 at the open.

And the Standard & Poor’s 500 index rose 78.82 points, or 1.98%, to 4069.38 points, according to Reuters.

The Nasdaq Composite rose 399.10 points, or 3.58%, to 11,542.84.

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