GLOBAL MARKETS-Stocks up, dollar down; U.S. inflation data surges as forecast

The benchmark S&P 500 index gained 0.28%, the Nasdaq Composite added 0.23%, and the Dow Jones Industrial Average inched up 0.11%. Gains were stronger for European and Asian shares.The pan-European STOXX 600 index rose 0.65%. Britain's FTSE 100 climbed 0.81% to one-year highs, lifted by mining and oil giants. Japan's Nikkei rose 1.9% overnight, while MSCI's broadest index of Asia-Pacific shares outside Japan closed up 1.95%.

NEW YORK: World stocks rose on Wednesday while U.S. Treasury yields and the dollar fell, after the latest U.S. inflation data showed price pressures surging but within expectations, apparently suggesting the Federal Reserve will not have to hike interest rates too aggressively.

Oil prices hit two-month highs, lifted by tight supply and easing concerns over the spread of the Omicron coronavirus variant.