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Stocks rise on Wall Street on hopes for Fed action


A Wall Street sign hangs near the New York Stock Exchange in New York. (AP Photo/Jin Lee)

NEW YORK — The stock market shook off a shaky start and is headed higher after a tame inflation reading and another weak jobs report raised expectations that the Federal Reserve is closer to offering more support for the U.S. economy.

Applications for unemployment benefits applications rose last week. The four-week average also increased for a third straight week, another sign that the jobs market remains weak.

The government also reported that the main measure of consumer prices dropped last month. Analysts said the slowdown in price increases raises the odds that the Fed will announce steps to boost the economy when it meets next week.

The Dow Jones industrial average rose 114 points at 12,610.

The Standard & Poor’s 500 rose 10 points to 1,325. The Nasdaq gained 19 to 2,838.

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