Shipping shares went for the ride as stock markets moved sharply higher in New York on Thursday as signs emerged that inflation is easing faster than expected.

Cruise ship and container shipping, the sectors most exposed to consumer spending, led maritime shares in the rally that saw the Dow Jones Industrial Average gain more than 1,200 points, or 3.7%, during the day.

The big jump in broader US stock markets was widely attributed to new data that showed the Consumer Price Index increased a slower-than-expected 0.3%