NEW YORK, Aug. 12 (Xinhua) -- U.S. stocks climbed higher on Tuesday, boosted by the July inflation reading that fueled hopes the Federal Reserve could move to cut interest rates as early as next month.

The Dow Jones Industrial Average gained 483.52 points, or 1.1 percent, to close at 44,458.61. The S&P 500 advanced 72.31 points, or 1.13 percent, to finish at 6,445.76, while the Nasdaq Composite rose 296.5 points, or 1.39 percent, to 21,681.9. Both the S&P 500 and the Nasdaq ended the day at new record highs.

All 11 primary S&P 500 sectors closed in positive territory. Communication services led with a 1.79 percent gain, followed by technology, which rose 1.41 percent. Consumer staples saw the smallest increase, edging up 0.17 percent.

The consumer price index (CPI) of the United States rose a seasonally adjusted 0.2 percent in July and 2.7 percent from a year earlier, the U.S. Bureau of Labor Statistics reported Tuesday, while a Dow Jones estimate had called for a 2.8 percent annual rise.

Excluding food and energy categories, the core CPI climbed 0.3 percent for the month and 3.1 percent over the past year. Both figures were close to the forecasts of 0.3 percent monthly and 3 percent annual gains, but the monthly increase marked the largest advance since January.

Soon after the release of the latest inflation figures, U.S. President Donald Trump renewed his criticism of Federal Reserve Chair Jerome Powell and said he was considering permitting a "major" lawsuit against Powell over renovations at the Fed's headquarters.

According to the CME FedWatch Tool, the odds of a September rate cut by the Fed rose to 93.4 percent later Tuesday, up from 85.9 percent a day earlier.

"It looks like a bit of Goldilocks right now for the stock market," said Tom Hainlin, national investment strategist at U.S. Bank Asset Management Group. "More and more people are expecting a rate cut in September ... A pretty good environment for the broad stock market."

Intel shares jumped more than 5 percent, extending Monday's over 3 percent rally, after Intel CEO Lip-Bu Tan met with Trump at the White House. Meta Platforms and Broadcom each added about 3 percent, while Microsoft, Apple and Alphabet posted gains of more than 1 percent. Nvidia, Amazon and Tesla also finished slightly higher.