Mumbai, Aug. 14 -- The Nasdaq inched up 31.24 points (0.1%) to 21,713.14 and the S&P 500 rose 20.82 points (0.3%) to 6,466.58, while the narrower Dow posted a more significant gain, jumping 463.66 points (1%) to 44,922.27.

The blue-chip index saw strong gains, supported by notable advances in UnitedHealth, Nike, Sherwin-Williams, and Merck. Optimism over a potential Federal Reserve interest rate cut, following consumer price inflation data that matched estimates, boosted early market sentiment. The Fed is widely expected to lower rates by at least 25 basis points next month, with some calls for a larger 50-point cut due to weak jobs data.

Despite the early rally, buying momentum eased later in the session amid a lack of fresh U.S. econo...