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U.S. stocks finished mostly higher on Wednesday afternoon after February's consumer-price index report showed inflation cooled more than expected last month.
The Nasdaq Composite surged 212.35 points, or 1.2%, to end at 17,648.45 after two days of heavy losses, according to FactSet data. Gains for tech heavyweights, including Nvidia Corp., Tesla Inc. and others helped lift the index, which remains down 3% so far this week.
The S&P 500 gained 27.23 points, or 0.5%, to finish at 5,599.30, after back-to-back losses.
The Dow Jones Industrial Average notched a third straight loss, falling 82.55 points, or 0.2%, to 41,350.93.
February's CPI report showed inflation rose 0.2% last month and 2.8% from a year ago. Excluding volatile food and energy prices, core CPI also rose 0.2% for the month and was at 3.1% on a 12-month basis.
Despite the rebound in technology stocks, uncertainty around President Donald Trump’s trade policies continued to weigh on market sentiment on Wednesday. The president officially imposed sweeping 25% tariffs on all steel and aluminum imported into the U.S. on Wednesday, while Canada said it will impose 25% tariffs on more than $20 billion worth of U.S. products.
(Reuters) -Oil prices settled slightly higher on Tuesday, helped by weakness in the dollar, but gains were capped by mounting fears of a U.S. economic slowdown and the impact of tariffs on global economic growth.
Brent crude futures settled 28 cents, or 0.4%, higher at $69.56 a barrel after falling as low as $68.63 in early trade. U.S. West Texas Intermediate crude futures gained 22 cents, or 0.3%, to $66.25 a barrel after previous declines.
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