Ovunc Kutlu
12 July 2024•Update: 12 July 2024
ISTANBUL
Major stock exchanges in the US were higher on Friday despite producer inflation figures coming in hotter than expected.
The Dow Jones Industrial Average was up 189 points, or 0.48%, to 39,942 at 10.18 a.m. EDT (1418GMT).
The S&P 500 rose 31 points, or 0.57%, to 5,616 and the Nasdaq gained 127 points, or 0.7%, to 18,410.
Producer inflation in the US annually rose 2.6% in June, recording the largest annual advance since March 2023, the Labor Department's Bureau of Labor Statistics said earlier. The producer price index (PPI) came higher than market estimates of a 2.3% gain.
On a monthly basis, PPI rose 0.2% in June, and also came above the market expectation of a 0.1% increase.
The VIX volatility index, also known as the fear index, dove 5.1% to 12.26. The 10-year US Treasury yield shed 0.07% to 4.187%.
The dollar index fell 0.29% to 104.13, while the euro increased 0.28% to $1.0895 against the greenback.
Precious metals were in negative territory, gold losing 0.3% to $2,408 per ounce and silver decreasing 2% to $30.83.
Oil prices were up around 0.7%, with global benchmark Brent crude at $85.89 and US benchmark West Texas Intermediate at $83.33.
