Stocks rise, Nasdaq gains for third straight day despite red-hot inflation report; European markets close higher as U.S. inflation heats up; Philips down 15% 
U.S. stocks moved slightly higher Wednesday after a key inflation report showed a historic gain but largely matched expectations. 
The S&P 500 added roughly 0.28% to 4,726.35, and the Nasdaq Composite rose 0.23% to 15,188.39 for its third straight positive day. The Dow Jones Industrial Average, which shuffled between modest gains and losses through the session, finished with a gain of 38.3 points, or 0.11%, at 36,290.32. 
The moves come after the December reading for the consumer price index, a gauge of prices across a broad spectrum of goods, showed a gain of 7% year over year. That is the biggest jump since 1982, but was in line with expectations from economists surveyed by Dow Jones. The monthly increase was slightly hotter than expected. 
Biogen shares tumbled 6.7% following news that Medicare will only cover the cost for the company’s Alzheimer’s drug Aduhelm for patients with early-stage symptoms who are enrolled in clinical trials. Health care was a weak spot for the market overall, with Merck and Amgen both weighing on the Dow. 

The pan-European Stoxx 600 closed 0.7% higher, with basic resources climbing 3.2% to lead gains while health care stocks dropped 0.7%. 
French electrical parts supplier Rexel saw its shares climb 10.3% to lead the Stoxx 600 after hiking its full-year 2021 outlook. 
At the bottom of the European blue chip index, Dutch health tech giant Philips plunged nearly 15.5% after issuing a fourth-quarter profit warning following hits from parts shortages, increased provisions for device recalls and higher supply costs. 
Source: CNBC, Investing.com