Silver lining in inflation report helps send stocks higher

By STAN CHOE and DAMIAN J. TROISE
AP Business Writers

NEW YORK (AP) — Stocks are bouncing back Tuesday, and the areas of the market most beaten down in recent days are leading the way. The S&P 500 was 0.7% higher following back-to-back losses driven by worries about the economic collateral damage as the Federal Reserve tackles high inflation more aggressively. A report showed inflation is still at its highest level in 40 years. But a faint silver lining was that inflation unexpectedly slowed in March on a month-over-month basis, after ignoring the costs of food and fuel. The Fed pays close attention to that number, and Treasury yields fell immediately after the report.