Mumbai, Aug. 13 -- The Nasdaq surged 296.50 points (1.4%) to 21,681.90, the S&P 500 jumped 72.31 points (1.1%) to 6,445.76 and the Dow shot up 483.52 points (1.1%) to 44,458.61.

Wall Street rose after July's inflation report showed the CPI up 0.2%, matching forecasts. Annual inflation stayed at 2.7% instead of the expected 2.8%. Core CPI rose 0.3%, also in line with estimates.

Core inflation's annual rate hit 3.1%, above the 3% forecast. Traders now see a 94.4% chance of a Fed rate cut in September, despite the higher core number.

Airline stocks substantial moved upwards, with the NYSE Arca Airline Index soaring by 9.3% to its best closing level in five months. Semiconductor stocks were significantly strong , as reflected by the 3.0% s...