Stocks jumped Tuesday after a lighter-than-expected consumer prices report for November raised expectations that inflation is peaking.

The Dow Jones Industrials came off its highs of the morning, but still pushed higher 200.3 points to 34,205.34.

The S&P 500 gathered 54.82 points, or 1.4%, to 4,045.38

The NASDAQ Composite Index jumped 228.26 points, or 2.1%, to 11,372.

Shares of Apple gained 2%, while shares of Microsoft, Amazon and Alphabet all jumped more than 3%. Netflix also added 3%. Meanwhile, Tesla fell to its lowest level in two years, dropping more than 3% despite climbing earlier in the day.

The consumer price index rose just 0.1% from the previous month, and increased 7.1% from a year ago, the U.S. Labor Department reported Tuesday. Economists surveyed by Dow Jones had been expecting a 0.3% monthly increase and a 7.3% 12-month increase.

Excluding volatile food and energy prices, so-called core CPI rose 0.2% on the month and 6% on an annual basis, compared to respective estimates of 0.3% and 6.1%.

Prices for the 10-year Treasury were up sharply, lowering yields to 3.47% from Monday’s 3.62%. Treasury prices and yields move in opposite directions.

Oil prices picked up $2.23 to $75.40 U.S. a barrel.

Gold prices surged $32.70 to $1,825.00 U.S. an ounce.

Dow Gathers 200+ on Hopes Inflation is Peaking