seizing on data showing a slowdown in annual consumer price inflation us equities pushed sharply higher in early trading thursday the closely watched data report showed the annual consumer price index cpi rose 77 percent in october easing from septembers pace and the lowest of the year the labor department reported after dropping in wednesdays session following the us midterm elections the dow jones industrial average rebounded 26 percent to 3337095 about 50 minutes into the trading session the broadbased sp 500 jumped 42 percent to 390577 while the techrich nasdaq composite index surged 57 percent to 1094323 even though inflation remains near the highest in decades the slowdown gives hope that the federal reserve will be able to ease up on its aggressive interest rate hikes the us central bank has increased the benchmark lending rate six times this year  including four consecutive supersized hikes  as it tries to quash demand and rein in inflation market participants are loving this inflation report and the implication that it will encourage the fed to take a softer approach said briefingcom analyst patrick j ohare for now the market is seeing some inflation light  and ratehike light  at the end of the tunnel he said