Wall Street rises after inflation data, Dow Jones jumps 500 points

US stock indices rose on Wednesday after the release of US inflation data. 

US consumer prices rose 8.5% y/y in July, less than 8.7% expected, and down from 9.1% in June. 

Core prices rose 5.9% y/y last month, and 0.3% m/m, while analysts expected a 0.2% rise. 

Gasoline prices rose 7.7% y/y, the highest since April 2020, after rising 11.2% in June, while food costs rose 10.9%.

Dow Jones rose 1.5% as of 14:31 GMT to 33,254, while S&P 500 rose 1.6% to 4,186, as NASDAQ climbed 2% to 12,740.