The S&P 500 and Nasdaq notched fresh one-year highs on Tuesday after data showed consumer prices rose modestly in May, boosting hopes that the Federal Reserve could skip raising interest rates at the end of its policy meeting on Wednesday.

The Dow Jones Industrial Average rose 44.75 points, or 0.13 percent, at the open to 34,111.08. The S&P 500 opened higher by 13.68 points, or 0.32 percent, at 4,352.61, while the Nasdaq Composite climbed 104.60 points, or 0.78 percent, to 13,566.53 at the opening bell.