The Dow Jones Industrial Average gained over 200 points, or 0.78%, while the S&P 500 ticked up 0.66% and the Nasdaq Composite ticked up 0.53%. The early gains had the S&P 500 on track to close at an all-time high.
The consumer price index in May rose 5% annually, the most since August 2008, according to the Labor Department. Prices were up 0.6% month over month.
In stocks, GameStop Corp. shares were under pressure after the video game retailer announced plans to sell 5 million shares.
The stock was also hit by news that the U.S. Securities and Exchange Commission requested documents and information related to the retail-trading frenzy that has caused heightened volatility in so-called meme stocks that also include AMC Entertainment Holdings Inc.
Elsewhere, United Airlines Holdings Inc. is in talks to buy at least 100 Boeing 737 Max jets, according to reports. The order could also include dozens of Airbus A321neo jets.
Online pet product retailer Chewy Inc. will report its quarterly results after the closing bell.
West Texas Intermediate crude oil rose 38 cents to $70.34 a barrel and gold fell $1.40 to $1,894.10 an ounce.
In Europe, Germany’s DAX 30 ticked up 0.1% and France’s CAC 40 lost 0.18% after the European Central Bank kept both its bond-buying program and interest rates on hold despite a recent uptick in inflation. Britain’s FTSE 100 was up 0.32%.
Asian markets ended mixed, with Hong Kong’s Hang Seng index slipping 0.01%, Japan’s Nikkei 225 rising 0.34% and China’s Shanghai Composite climbing 0.54%.