The Stock Market’s CPI Rally Has Been a Battle. Why It Matters.

The stock market’s Thursday rally hasn’t come easy.

In the first hour of trading, the S&P 500 twice cut its gains sharply after rallying to about 6790. But just before 10:30 a.m., it rallied higher to session highs north of 6814.

The market benchmark index was up 1.3% in recent trading. The Dow was up 420 points, or 0.9%. The Nasdaq Composite was up 1.9%. AI stocks rallied in the wake of Micron Technology’s earnings, while the rest of the market got a boost from a consumer price index that came in well below expectations.