US stocks gain 1% as CPI stays above Fed target
US stocks rose about 1% on Friday after Consumer Price Index data showed inflation still above the Federal Reserve's 2% goal. Prices rose 0.4% month-on-month and 3.4% year-on-year, in line with forecasts, and traders now price an 86% chance of a 25 basis point rate hike at next week's FOMC meeting.