Mumbai, May 14 -- The Nasdaq jumped 301.74 points or 1.6 percent to 19,010.08 and the S&P 500 climbed 42.36 points or 0.7 percent to 5,886.55.

The U.S. Labor Department reported that consumer prices rose slightly less than expected in April. Annual inflation slowed to 2.3% from 2.4% in March while the CPI rose 0.2% after a 0.1% dip. Core CPI, excluding food and energy, also rose 0.2% in April, up from 0.1% in March. The cooler inflation data eased fears about Trump's tariffs driving prices higher.

News about a US-China trade deal slashing steep tariffs on each other's goods also contributed to the extended rally on Wall Street. A steep drop by shares of UnitedHealth (UNH) weighed on the Dow, with the healthcare giant plunging by 17.8 pe...