Dow Hits Highest Level in Three Months On Inflation Data; Investors Grow More Confident Fed Will Keep Interest Rates Stable

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NEW YORK (AP) -- Wall Street emerged from the summer doldrums Wednesday as a second straight day of tame inflation data sent stocks sharply higher and pushed the Dow Jones industrials to its highest level in three months. Falling crude futures, which slid below $72 per barrel, also fueled the gains.

The consumer price index, which measures price increases at the retail level, rose 0.4 percent in July, slightly higher than June's 0.2 percent increase. But with food and fuel prices removed, so- called "core" CPI rose just 0.2 percent, less than the 0.3 percent economists expected.

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Dow Hits Highest Level in Three Months On Inflation Data; Investors Grow More Confident Fed Will Keep Interest Rates Stable

Combined with Tuesday's producer price index, which showed a decline in core wholesale prices, t...

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