Dow rises 180 points as inflation report matches expectations; Tillerson out as secretary of state
U.S. stock benchmarks traded firmly higher Tuesday morning following a report on consumer inflation that was in line with expectations and a White House announcement that Secretary of State Rex Tillerson was being replaced by current director the Central Intelligence Agency, Mike Pompeo. The Dow Jones Industrial Average [: DJIA] rose 180 points, or 0.7%, at 25,355 while the S&P 500 index climbed 0.6% at 2,800. The technology-laden Nasdaq Composite Index , meanwhile, was trading in record territory, up 0.6% at 7,635. In key economic data, consumer prices rose moderately in February, although at a slightly slower pace than in the prior month. The consumer-price index, which measures what Americans pay for everything from shampoo to hotel stays, rose 0.2% in February after climbing a seasonally adjusted 0.5% in January, the Labor Department said. Meanwhile, markets also reacted to news that President Donald Trump was nominating current CIA director Mike Pompeo as secretary of state to replace Rex Tillerson.