Nasdaq 100 closes at 18-month high as U.S. stocks rally on inflation report

U.S. stocks climbed to fresh closing highs on Wednesday after inflation data for June came in softer than expected. The Nasdaq 100
NDX,
+1.24%
logged its highest close since Jan. 14 2022, FactSet data show. It is now approaching its all-time highs from late 2021. The Invesco QQQ Trust
QQQ,
+1.26%,
an exchange-traded fund that tracks the Nasdaq 100, gained $4.65, or 1.3%, to $372.82 per share, according to preliminary closing data from FactSet. The S&P 500
SPX,
+0.74%
saw its highest finish since April 8, 2022, gaining 32.90 points, or 0.7%, to 4,472.16, per FactSet preliminary closing data. The Nasdaq Composite
COMP,
+1.15%
gained 158.26 points, or 1.2%, to 13,918.96, its highest closing level since April 5, 2022. The Dow Jones Industrial Average
DJIA,
+0.25%
rose by 86.01 points, or 0.3%, to 34,347.43. Data released on Wednesday showed both headline and core consumer-price inflation rates slowed to 0.2% during the month of June, the smallest monthly increase since August 2021. The deceleration was even more pronounced than economists had expected, sparking a rally in U.S. stocks while Treasury yields and the U.S. dollar fell.