Mumbai, Sept. 29 -- The Dow advanced 299.97 points (0.7%) to 46,247.29, the S&P 500 climbed 38.98 points (0.6%) to 6,643.70 and the Nasdaq rose 99.37 points (0.4%) to 22,484.07.

The Commerce Department said its personal consumption expenditures (PCE) price index climbed by 0.3% in August after rising by 0.2% in July. The price growth matched expectations. The annual rate of growth by the PCE price index ticked up to 2.7% in August from 2.6% in July which was also in line with estimates. Core PCE rose 0.2% in August, with the annual rate steady at 2.9%, boosting Fed rate cut expectations.

Traders largely shrugged off tariff news after President Donald Trump announced a 100% tariff on pharmaceuticals not manufactured in the U.S. He also u...