Even though it had risen more than 700 points at the day's highs, the Dow Jones still added 0.30%. The S&P 500 gained 0.7%, and the Nasdaq increased by 1%.

A day before the Federal Reserve's interest rate decision, the Dow lost the majority of its gains on Tuesday as investors considered data showing diminishing inflation pressures for the second consecutive month.

Even though it had risen more than 700 points at the day's highs, the Dow Jones managed to add 0.30%, or 103 points. The S&P 500 gained 0.7%, while the Nasdaq increased by 1%.

After nudging up 0.3% in October, the consumer price index rose 0.1% last month, according to the Labor Department. The CPI grew 7.1% from January through November, which is the smallest increase since December 2021.

The Fed's monetary policy decision, which is set for tomorrow, is not likely to be affected by the lower inflation reading, but it may prompt discussion among members about how much longer rates should be raised before reaching their peak.

RBC stated that "generally speaking, a lower 50 basis point boost is likely for the Fed's meeting tomorrow, to be followed by another 50 basis point hike over the first quarter of next year, before the Fed feels comfortable pausing the current cycle and reassessing."

Treasury rates fell precipitously as a result of the belief that the Fed could stop sooner rather than later, causing a Meta-led upsurge in big tech.

After being identified as a "top pick" by Goldman Sachs, Meta Platforms Inc saw a gain of more than 4%. Goldman Sachs claimed that the majority of the negative press regarding the company's core social media business and worries about its sizeable investments in the metaverse is increasingly priced into the shares.

Alphabet Inc. gained 2%, and Apple and Microsoft finished in the green, with both up more than 1%.

Energy increased gains from the previous day as oil prices rose due to persistent supply issues brought on by the closing of the Keystone pipeline, which supplied Canadian heavy crude to the Gulf Coast of Mexico in the United States.

APA Corporation and Schlumberger NV each gained about 4%, while Halliburton Company increased by more than 7%.

Moderna's stock increased 20% in the healthcare sector as a result of the drugmaker reporting successful outcomes from its experimental skin cancer treatment.

Pfizer, on the other hand, ended the day up about 2% after Goldman Sachs raised its recommendation for the stock from neutral to buy on the grounds that the company's RSV, migraine, and sickle-cell disease treatments are expected to drive growth in 2023.

The broader market's upward movement comes as some continue to foresee a collapse in 2023, brought on by a decline in corporate profitability as margins are squeezed by a weaker consumer due to the effects of increased interest rates.

(Sources: investing.com, reuters.com)