Stocks Surge as Inflation Data Fuels Rate Cut Hopes

Wall Street's major indexes rose on Thursday, boosted by weaker inflation data, increasing prospects of interest rate cuts by the Federal Reserve. The Dow Jones, S&P 500, and Nasdaq Composite all experienced gains, aided by Micron's optimistic forecast that alleviated concerns about tech-sector valuations.

Wall Street saw a positive start on Thursday as its main indexes climbed, driven by inflation data that came in below expectations. This bolstered hopes for additional interest rate cuts by the Federal Reserve.

At the market's opening, the Dow Jones Industrial Average increased by 215.2 points, reaching 48,101.18. The S&P 500 gained 56.6 points to open at 6,778.06, while the Nasdaq Composite surged by 318.7 points, landing at 23,012.063.

The outlook was further brightened by chipmaker Micron's strong forecast, which briefly alleviated concerns about valuation levels within the technology sector.

(With inputs from agencies.)