Stocks closed higher on Wall Street Wednesday after the latest report of surging prices appeared to keep the Federal Reserve on track to raise interest rates later this year.

The S&P 500 rose 0.3%, the Dow Jones Industrial Average rose 0.1% and the Nasdaq rose 0.2%.

Technology stocks led the market higher.

Inflation jumped 7% last month, its fastest year-over-year pace in nearly four decades, but in line with economists' forecasts. Fed Chair Jerome Powell told Congress Tuesday the Fed stands ready to raise rates to fight inflation.

The yield on the 10-year Treasury note edged down to 1.73%.