US stocks rise after strong data

US stock indices rose in early trading on Wednesday, after the release of upbeat economic data amid expectations of a rate hike.

The US consumer price index rose by 0.5% in December, more than forecasts of 0.4%, and the core reading (excluding energy and food prices) rose 0.8%. 

Based on the data, the US consumer price inflation rose to 7%, which is the highest level in the US since 1982.

Federal Reserve Chairman Jerome Powell said yesterday that the central bank is ready to accelerate rate hikes to ease the rising inflation.

As for stocks, Dow Jones rose 0.5% or 176 points to 36,430 as of 15:14 GMT, and S&P 500 rose 0.7% or 35 points to 4,747, while Nasdaq rose 1.1% or 161 points to 15,315.