Mumbai, Oct. 27 -- The Dow jumped 472.51 points (1%) to 47,207.12, the Nasdaq surged 263.07 points 1.2% to 23,204.87 and the S&P 500 climbed 53.25 points (0.8%) to 6,791.69.

Consumer price inflation report was released that led to increased confidence in the Federal Reserve which will continue cutting interest rates in the coming months. Labor Department released a report showing consumer prices increased by slightly less than expected in the month of September. Its consumer price index rose by 0.3% in September after climbing by 0.4% in August.

The report also said the annual rate of growth by consumer prices ticked up to 3.0% in September from 2.9% in August, although that was slower than the 3.1% jump expected by economists. The core...