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Stocks Rise Following Strong CPI Data

U.S. stocks rose on Wednesday after the release of strong U.S. consumer inflation data. The Nasdaq Composite Index was up 0.5%, erasing a 1% loss during the previous session, while the S&P 500 gained 0.3%. The Dow Jones Industrial Index edged 0.1% higher.

The Consumer Price Index (CPI) for August showed a larger jump in prices than expected, with headline prices rising 0.6% on a monthly basis and 3.7% on an annual basis. This is the last inflation report that the Federal Reserve will digest ahead of its interest rate decision next week. It is also considered one of the most important data sources to determine if interest rates should be kept higher for longer.

Markets continue to brace themselves for the upcoming IPO of Arm Holdings. The SoftBank-owned British chip designer is looking to sell its shares for $47 to $51 each.

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