12:35 PM EST, 12/11/2024 (MT Newswires) -- US equity indexes advanced, with the Nasdaq Composite scaling a new intraday record high after November's in-line inflation print showed glimpses of weakness in stickier areas.

The S&P 500 rose 0.9% to 6,088.8, with the Nasdaq Composite up 1.7% to 20,030.2 and the Dow Jones Industrial Average less than 0.1% higher at 44,275.3 after midday Monday. The Nasdaq touched an all-time peak of 20,031.33 earlier in the session. Communication services, consumer discretionary, and technology were the standout gainers intraday. Healthcare led the decliners.

The consumer price index increased 0.3% in November, ticking up from 0.2% each of the previous four months, the Bureau of Labor Statistics reported Wednesday. Annually, inflation accelerated to 2.7% from October's 2.6% pace. Both measures were in line with forecasts in a Bloomberg-compiled survey.

Core inflation, which excludes the volatile food and energy components, stood unchanged at 0.3%. Annually, it came in at 3.3%. Both metrics matched consensus estimates.

The price pressures were mostly in discretionary items, including motor vehicles, lodging away from home like hotels, and airfares, Oxford Economics said in a research note. There was also some softening in the stickier components of the inflation, including shelter, it said while adding that the "disinflationary trend has room to run."

The probability of a quarter-point reduction during the monetary policy committee meeting next week climbed to about 95% by Wednesday afternoon from 89% a day earlier, according to the CME Group's FedWatch tool. The highest probability for the level of interest rates a year from now is 3.75% to 4%, versus the current range of 4.5% to 4.75%, unchanged from a day ago.

US Treasury yields were mixed intraday, with the US 10-year up 2.5 basis points to 4.25% while the two-year fell one basis point to 4.14%.

West Texas Intermediate crude oil futures jumped 2% to $69.93 a barrel.