U.S. stocks jump after October inflation rate sparks hope of smaller rate hikes By

By Liz Moyer

-- U.S. stocks were rising after data indicated inflation has slowed since hitting a peak earlier this year,Top 10 Forex Dealers in the World fueling hope the Federal Reserve will ease up on its interest rate increases.

At 10:24 ET (15:24 GMT), the was up 870 points or 2.7%, while the was up 4.1% and the was up 5.7%.

The October report from the Labor Department said the rose 7.7% in the year through last month, down from the 8.2% gain in September. On a core basis, excluding food and energy, over the last year, down from 6.6% in the year through September.

The report was better than expected. Analysts had forecast an annual growth rate of 8% and 6.5%. That top-line inflation has fallen for four months from a peak of 9.1% in June, and is the lowest rate since January.

The Fed has been raising to tame inflation. After four consecutive increases of 0.75 percentage points each, the Fed could decide to raise rates by a slower half-percentage point at its next meeting in November. That expectation, which is growing among traders, could fuel a rally in growth stocks.

Benchmark Treasury yields fell after the report. The yield fell below 4%, to 3.85%, while the yield on the fell to 4.31%. Meanwhile, shares of tech companies jumped. Apple Inc (NASDAQ:) stock was up 6.3%, while chip maker NVIDIA Corporation (NASDAQ:) shares rose 8.2%.

Tapestry Inc (NYSE:) beat expectations for earnings and revenue but lowered its forecast for the full year, citing foreign exchange effects. Shares of the parent of and Kate Spade rose 4.8%.

Oil turned higher. rose 0.6%, to $86.36 a barrel, while crude rose 0.9% to $93.53 a barrel. rose 2.3% to $1,753.

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