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Stocks surged as investors were encouraged by cooler producer inflation. The Dow rose 400 points and the Nasdaq surged 2.4% ahead of CPI data.

Stocks surged as investors were encouraged by cooler producer inflation. The Dow rose 400 points and the Nasdaq surged 2.4% ahead of CPI data.

If the Federal Reserve needs any further evidence that the worst price spike in four decades is steadily easing, it's likely to come Wednesday, when the government is expected to report that inflation cooled further last month. Consumer prices are thought to have risen just 0.2% from June to July, according to economists surveyed by FactSet, a pace only slightly above the Fed’s 2% annual inflation target. Excluding volatile food and energy costs, so-called core prices are also expected to have risen 0.2% from June and 3.2% from 12 months earlier, just below the 3.3% annual increase in June.

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Stocks that are taken off benchmark indexes often outperform the market by 5% a year, Rob Arnott reported in a note.

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TOKYO (Reuters) -The dollar remained on the back foot on Wednesday after tumbling versus major peers overnight as a benign reading for U.S. producer prices reinforced bets on Federal Reserve interest rate cuts this year. New Zealand's dollar dropped sharply from a four-week high after the Reserve Bank of New Zealand reduced the key cash rate and flagged more cuts to come, surprising some market participants. Japanese Prime Minister Fumio Kishida's decision to not run for reelection in his party's leadership race next month had little effect on markets, analysts said.