https://apnews.com/bdb710d0d0c225c9317a322b63a6be24

NEW YORK (AP) — Wall Street roared Wednesday after inflation cooled more than expected last month, sparking speculation the Federal Reserve may not have to be as aggressive about hiking interest rates as feared.

The S&P 500 was 1.6% higher amid a widespread rally that took off immediately after a report showed the nation's biggest economic challenge, inflation, slowed to 8.5% at the consumer level last month from 9.1% in June. Technology stocks, cryptocurrencies and other investments that have been the year's biggest losers due to the Fed’s aggressive rate hikes were some of the morning's biggest winners.