US stocks open higher despite high producer inflation

ANKARA

US stocks opened higher on Wednesday despite producer inflation exceeding market expectations.

The Dow Jones soared 161 points, or 0.46%, to 35,060 at 9.42 a.m. EDT (1342GMT). The S&P 500 added 24, or 0.52%, to 4,392 -- a new all-time high.

Increasing by 79, or 0.54%, the Nasdaq saw 14,757. Apple stocks rose to a new record of $148.96 per share.

The dollar index was down 0.33% to 92.45 and the VIX volatility index, known as the fear index, plummeted 5.8% 16.12.

The yield on 10-year US Treasury notes also declined 2.4% to 1.381%.

While gold increased by 1% at $1,825 per ounce, silver jumped 1.3% to $26.34.

The Producer Price Index (PPI) in the US rose 1% last month, higher than analysts' expectation of 0.6%. The index soared by 7.3% in June from the same month last year, which again was much higher than the estimated 6.8%.