Dow, S&P 500 book second day of gains ahead of Thursday’s inflation update

U.S. stocks booked a second straight day of gains on Wednesday a day before investors expect a fresh reading on consumer inflation to show another monthly decline from the summer peak. The Dow Jones Industrial Average rose about 268 points, or 0.8%, ending near 33,972, while the S&P 500 index booked a 1.3% gain, with both clinching a second day in a row of gains, according to FactSet. Still, the standout has been the rate-sensitive Nasdaq Composite Index with a 1.8% increase on Wednesday that marked its fourth straight daily gain, and its longest win streak in four months, according to Dow Jones Market Data. The rally in equities comes as Treasury rates again edged lower on Wednesday, with the benchmark 10-year yield near 3.554% at 3 p.m. Eastern. It hit a peak yield in October of 4.231%. A fresh reading on inflation from the monthly consumer-price index is expected on Thursday to show the cost of living falling to a 6.5% annual rate in December, after it peaked at 9.1% in June.

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