(CNBC) — Stocks rose sharply on Wednesday after a key inflation reading showed a better-than-expected slowdown for rising prices.

The Dow Jones Industrial Average jumped 535 points, or roughly 1.6%. The S&P 500 gained 2.1% and hit its highest level since early May, while Nasdaq Composite rose 2.9%.

The headline consumer price index for July rose 8.5% year over year, and was flat compared to June. Economists surveyed by Dow Jones were expecting increases of 8.7% and 0.2%, respectively.

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