Dow jumps nearly 1,000 points following better-than-expected inflation report

The Dow Jones Industrial Average spiked on Thursday following a better-than-expected report on inflation that showed prices rising at modestly lower rates than were anticipated. 

The Dow was up roughly 900 points by late morning on Thursday, jumping from about 32,500 at the closing bell on Wednesday to about 33,400 just before noon on Thursday. 

The jump comes as inflation reports indicate a slightly lower price growth in October than was initially projected.

The consumer price index was up 7.7% in October relative to a year ago, less than the 7.9% predicted by Wall Street analysts. 

That figure was the lowest year-over-year inflation rate since January of this year.