Dow up 500 points after report that inflation jumped 8.5% in July

Stocks rose in early trading on Wednesday after a government report that showed the rate of inflation declining slightly in July while still spiking over the previous 12-month period. 

The Bureau of Labor Statistics said in a release on Wednesday that "over the last 12 months, the all items index [of the Consumer Price Index] increased 8.5 percent," a sharp jump showing continued inflation hitting consumers throughout the country. 

The rate of inflation year-over-year was lower than that of June, leading stocks to jump high in early floor activity; shortly after the opening bell trading on the Dow Jones Industrial Average was 500 points higher than at close of Tuesday.

The NASDAQ also saw a bump, rising 2.3 percent following the slightly more encouraging inflation report. 

The White House, meanwhile, touted the July numbers as a political win, with President Joe Biden on Wednesday falsely claiming that the U.S. economy had experienced no inflation last month. 

"Today we received news that our economy had zero percent inflation in the month of July. Zero percent," he said incorrectly during a Wednesday press conference.