Major stock exchanges on Wall Street rallied at the close of the trading session on Thursday, brushing off recorded losses at the opening bell prompted by higher-than-expected consumer price data.

The investors digested the September inflation reading that indicated a surge in the core consumer price index, reaching a four-decade-high. United States President Joe Biden underscored that the country is in a "strong position" to bring down the prices, as the report showed "some progress" in comparison to the previous readings.

The Dow Jones Industrial Average surged 2.83% or 827 points at the closing session. JPMorgan Chase & Co. was the index's best performer, rising by 5.56%. The Nasdaq 100 soared 2.30% or 247 points, as Biogen Inc. pulled the index up by 6.41%. The S&P 500 jumped by 2.60% with Domino's Pizza Inc. skyrocketing by 10.44%.

The euro rose 0.76% against the greenback, to change hands to $0.97770 at 4:02 pm ET.