Stocks soar as investors look ahead to inflation data | Monday Afternoon February 13 Yahoo Finance

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Stocks rose on Monday afternoon as investors looked ahead to the release of inflation data later this week. The Dow Jones Industrial Average climbed nearly 250 points, or 0.9%. The S&P 500 rose 0.7%, and the Nasdaq Composite advanced 0.8%.

The gains came as investors looked ahead to the release of the Labor Department’s Consumer Price Index (CPI) later this week. The inflation gauge is expected to show that prices rose 0.4% in January, which would mark the fifth month in a row of rising prices.

A sustained uptick in inflation could cause the Federal Reserve to raise interest rates sooner than expected, which could lead to a sell-off in stocks. However, investors appeared optimistic on Monday that the data will be in line with expectations and will not prompt the central bank to act.

The optimism was reflected in the banking sector, which saw a sharp rebound following two weeks of losses. Bank of America and JPMorgan Chase rose 3.3% and 3.2%, respectively.

Tech shares also had a strong day, with Apple, Microsoft and Google’s parent company Alphabet gaining 1.6%, 0.7% and 1.1%, respectively. Meanwhile, Tesla rose 4.9% as investors eagerly await the electric carmaker’s next earnings report scheduled for February 25.

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