The major indexes settled higher on Tuesday, with the Dow rallying more than 400 points at midday before settling with a 56-point gain. The S&P 500 and Nasdaq, meanwhile, maintained their afternoon gains, with the latter scoring a triple-digit win.

A lighter-than-expected wholesale inflation reading for October injected some optimism into Wall Street, showing a 0.2% rise, compared to the 0.4% jump anticipated by analysts. For many, this is a sign that inflation really is nearing its peak. However, doubt surrounding the Fed's slowing of interest rates is still high, keeping some of this upbeat sentiment in check. 

The Dow Jones Industrial Average (DJI - 33,592.92) added 56.2 points or 0.2% for the day. Walmart (WMT) led the Dow with a 6.5% win, while UnitedHealth (UNH) paced the laggards with a 2.1% drop.

The S&P 500 Index (SPX - 3,991.73) rose 34.5 points, or 0.9% for the day, while the Nasdaq Composite Index (IXIC - 11,358.41) tacked on 162.2 points or 1.5%.

Lastly, the Cboe Volatility Index (VIX - 24.54) added 0.8 points or 3.4% for the session.

OIL PRICES BOUNCE OFF THREE-WEEK LOW

Oil prices touched their lowest level in three weeks mid session, but wound up bouncing off this low to finish the day with a gain. The International Energy Agency (IEA) released a report today cautioning on tightened supplies ahead of the European Union's (EU) ban on Russian oil, which will go into effect in early December. December-dated crude rose $1.05, or 1.2% to trade at $86.92 per barrel.

Gold prices dropped on Tuesday, though earlier in the session they rose to their highest level in roughly three months. Today's inflation data initially weakened the dollar, which in turn strengthened gold, but a bounce off these lows put pressure on the precious metal by the session's end. December-dated gold lost 0.01%, to settle at $1,776.80 an ounce.

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