Stocks open higher after inflation data feeds hopes price pressures are peaking

U.S. stocks opened higher Tuesday, finding support after a hotter-than-expected rise in the March consumer price index was read as a sign inflation pressures may be peaking, analysts said. The Dow Jones Industrial Average rose 114 points, or 0.3%, to 34,422, while the S&P 500 rose 27 points, or 0.6%, to 4,439. The Nasdaq Composite gained 142 points, or 1.1%, to13,554. The data showed the rate of inflation in the past year moved up to 8.5% in March from 7.9%. The last time inflation breached 8% was in January 1982. Analysts said a potential sign inflation might be peaking came from the smallest monthly increase in six months in the so-called core rate of inflation that strips out food and energy, which rose just 0.3% last month

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.