US stocks close higher despite record producer inflation

By Ovunc Kutlu

ANKARA (AA) - Major indices in the US stock market closed higher Wednesday, despite producer inflation climbing to a record high.

The producer price index in the US jumped 11.2% in March from the same month last year -- its highest annual gain since November 2010.

Annual consumer inflation soared 8.5% in March, the largest increase since December 1981.

While inflation climbed even higher because of Russia's war on Ukraine, investors are hoping numbers will fall in the coming months.

The Dow Jones industrial average was up 344 points, or 1.01%, to close at 34,4564.

The S&P 500 added 49 points, or 1.12%, to reach 4,446.

Tech-heavy Nasdaq rose 272 points, or 2.03%, to 13,643.

The yield on 10-year US Treasury notes fell 0.9% to 2.703%, while the dollar index retreated 0.43% to 99.86.

The VIX volatility index, known as the fear index, was down 10% to 21.82.

Precious metals continued their increase, with gold adding 0.5% to $1,976 and silver rising 1.3% to $25.71 an ounce.

Crude oil prices jumped more than 3.5%.

Global oil benchmark Brent crude was trading at $108.82, up 4%, while US benchmark West Texas Intermediate (WTI) was at $104.22 with a 3.6% gain.