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Stocks edged higher Thursday as traders weighed slightly hotter-than-expected inflation data and lingering global trade tensions.
The Dow Jones Industrials recovered 127.22 points to begin Thursday at 44,495.78
The S&P 500 index regained 38.39 points to 6,090.36
The tech-heavy NASDAQ leaped 214.78 points, or 1.1%, to 19,864.74.
The producer price index, which measures what producers get for their goods and services, reflected a 0.4% increase for January. That’s higher than the Dow Jones consensus estimate for 0.3%. Core PPI, which excludes food and energy, was up 0.3% for the month and in-line with the forecast.
Stocks rose on the data because despite the hotter number on the surface, the latest PPI report and Wednesday’s consumer price index data point to a softer PCE price index than traders feared. That measure, which will be released in February, is what the Federal Reserve closely tracks.
Shares of big-name tech players jumped, helping gains. Nvidia gained 2.5% after Hewlett Packard Enterprise said it shipped its first solution using Nvidia’s Blackwell chip. AppLovin, the best-performing U.S. tech stock last year, soared by more than 32% on earnings. Tesla rose more than 4%.
Prices for the 10-year Treasury won new life, lowering yields to 4.54% from Wednesday’s 4.63%. Treasury prices and yields move in opposite directions.
Oil prices sagged 37 cents to $71.00 U.S. a barrel.
Prices for gold acquired $15.00 an ounce to $2,943.70 U.S.
