Dow hits another record | Inflation better than feared | Dallas Fed's Kaplan on bond taper

A better-than-feared inflation report sparked a relief rally in the stock market, especially shares that tied to a smooth economic recovery. 

VIEW IN BROWSER | SUBSCRIBE WED, AUG 11, 2021 EVENING BRIEF AS OF WED, AUG 11, 2021 • 04:49 ET DJIA 35484.97 +0.62% +220.30 S&P 500 4447.70 +0.25% +10.95 NASDAQ 14765.13 -0.16% -22.95   Most Active DOW NAME LAST CHG %CHG AAPL 145.86 +0.26 +0.18% INTC 54.14 +0.20 +0.37% MSFT 286.95 +0.51 +0.18% S&P 500 NAME LAST CHG %CHG AMD 107.68 +1.20 +1.13% BAC 41.95 +0.52 +1.26% MRNA 385.33 -71.43 -15.64% NASDAQ NAME LAST CHG %CHG AMD 107.68 +1.20 +1.13% MRNA 385.33 -71.43 -15.64% AAPL 145.86 +0.26 +0.18%   EDITOR'S NOTE A better-than-feared inflation report sparked a relief rally in the stock market, especially among shares that are tied to a smooth economic recovery.    The Dow Jones Industrial Average gained 220.30 points to reach a fresh record of 35,484.97, lifted by Caterpillar and Home Depot. The S&P 500 rose 0.2% to 4,447.70, also touching an all-time high. The Nasdaq Composite slipped just over 0.1%. July's consumer price index released Wednesday showed costs jumped 5.4% since last year, compared to expectations of 5.3%, according to economists surveyed by Dow Jones. Excluding energy and food, CPI rose by 0.3% last month, shy of economists' expectations of a 0.4% gain.   The inflation reading supported the Federal Reserve's belief that high price pressures are temporary as the economic recovers from the pandemic-triggered recession.   The data "should help assuage investor fears that the Fed is too laid-back about inflation pressures," said Seema Shah, chief strategist at Principal Global Investors.   "The details of the data release suggest some easing in the reopening and supply-shortage driven boost to prices, and tentatively suggests that inflation may have peaked. Investors in the transitory camp will feel slightly vindicated," Shah added. Yun Li | CNBC Markets and Investing Reporter @YunLi626 TOP NEWS  Dow rises 220 points to new record after inflation report is not as bad as feared Florida hospitals are overrun as state fights one of the worst Covid outbreaks in the U.S. July consumer prices jump 5.4%, but core inflation rises less than expected Fed should announce bond taper in September, begin it in October, says Dallas Fed President Kaplan Kathy Hochul vows big difference from 'toxic' Cuomo administration, will fire 'unethical' staffers Hackers return nearly half of the $600 million they stole in one of the biggest crypto heists Cramer says the infrastructure bill is not fully priced into steel stocks, and there's more to go The NYSE will require Covid vaccines for access to the trading floor as of Sept. 13 Bipartisan bill targets Apple and Google's ability to profit from app stores Social Security cost-of-living adjustment could be 6.2% in 2022   TOP VIDEO Dallas Fed President: Fed needs to be 'be prepared to react' to inflation   CNBC PRO Here are the cheap stocks most loved by value fund managers   SPECIAL REPORTS Higher taxes for the rich edge closer as Democrats pass $3.5 trillion budget outline There are six more months free of federal student loan payments. Here's what you can do with the extra money   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS