Stocks climbed in Asia on Thursday after a key measure of inflation in the U.S. came in lower than expected, easing worries that price pressures could push interest rates higher.

Shares rose in Tokyo, Shanghai and Hong Kong but were flat in Sydney.

On Wall Street, energy and financial stocks rose while Big Tech shares declined. The S&P 500 added 0.6% and the Dow Jones Industrial Average hit a record high, though tech stocks pulled the Nasdaq slightly lower.

The Labor Department reported that U.S. consumer prices, a key measure of inflation at the consumer level, rose 0.4% in February, the biggest gain in six months, led by a jump in gasoline prices. But core inflation, excluding food and energy, posted a much smaller 0.1% gain, easing fears that the inflation might surge as the economy recovers from the pandemic.

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