Wall Street climbs, with Dow Jones surging 400 points

US stock indices rose on Friday with markets awaiting new steps taken by the Federal Reserve to control the runaway inflation. 

Fed Chair Jerome Powell said the central bank is likely to hike rates by 0.5% for the next two meetings in a row.

Earlier US data showed consumer prices spiked 8.3% in April, above estimates of 8.1%, but down from 8.5% in March.

Dow Jones rose 1.2% to 32,119 as of 14:12 GMT, while S&P 500 fell 1.9% to 4,005, as NASDAQ slumped 2.9% to 11,706.