Mumbai, Feb. 14 -- The Nasdaq surged 295.69 points (1.5%) to 19,945.64, the S&P 500 jumped 63.10 points (1%) to 6,115.07 and the Dow advanced 342.87 points (0.8%) at 44,711.43.

The Wall Street rallied post the release of the Labor Department's report on producer price inflation in January. While the headline number rose by more than expected, components of the Federal Reserve's preferred inflation reading were relatively tame. The Labor Department said its producer price index for final demand rose by 0.4% in January after climbing by an upwardly revised 0.5% in December. A separate report released by the Labor Department showed first-time claims for U.S. unemployment benefits fell by slightly more than expected in the week ended Februar...