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The S&P 500 ended the day up 23.02 points (0.4%) at 6,045.26, the Dow climbed 101.85 points (0.2%) to 42,967.62 and the Nasdaq rose 46.61 points (0.2%) to 19,662.48. The Labor Department said its producer price index for final demand inched up by 0.1% after slipping by a revised 0.2% in April. The report said the annual rate of growth by producer prices accelerated to 2.6% in May from 2.5% in April. Inflation data has come in lower than expected for the second consecutive day, giving the Federal Reserve room to remain patient. According to Chris Zaccarelli of Northlight Asset Management, this allows the Fed to observe how upcoming tariffs and trade talks may affect price stability. Stocks dipped earlier in the day as uncertainty lingered over the U.S.-China trade deal, with few details released. President Trump mentioned upcoming letters to trade partners about new tariff rates and hinted at a possible extension of the current 90-day tariff pause. Gold stocks strong moved upwards amid a sharp increase by the price of the precious metal, with the NYSE Arca Gold Bugs Index climbing by 1.5%. Utilities stocks are significantly strong, as reflected by the 1.4% gain posted by the Dow Jones Utility Average. Software, pharmaceutical and networking stocks also moved notably higher on the day while airline stocks extended Wednesday's slump. Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index slid by 0.7%, while South Korea's Kospi climbed by 0.5%. The major European markets also ended the day mixed. While the U.K.'s FTSE 100 Index rose by 0.2%, the French CAC 40 Index edged down by 0.1% and the German DAX Index fell by 0.7%. In the bond market, treasuries extended the notable upward move seen in the previous session. As a result, the yield on the benchmark ten-year note which moves opposite of its price, declined 5.5 bps to a one-month closing low of 4.35%. Powered by Capital Market - Live News |