(CNBC) — Stocks rose Wednesday as investors grew increasingly confident Thursday’s consumer price index will show cooling inflation and signal to the Federal Reserve that previous interest rates hikes have had their intended effects.

The Dow Jones Industrial Average closed up 268.91 points, or 0.80%, at 33,973.01. The S&P 500 gained 1.28% to end at 3,969.61. The Nasdaq Composite led the indexes for another day, adding 1.76%, to close at 10,931.67.

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Economists polled by Dow Jones expect the CPI to show prices cooled by a modest 0.1% in December from the prior month. The forecast still calls for a 6.5% increase from the prior year. Excluding food and energy prices, economists expect the CPI for December will be 0.3% higher than the prior month and 5.7% higher than a year ago.

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