US stocks continue gains as producer inflation falls monthly

By Ovunc Kutlu

ISTANBUL (AA) - US Stock exchanges have continued their gains from the previous session as producer inflation showed a monthly decline in October.

The Dow Jones was up 149 points, or 0.43%, to 34,977 at 10.59 a.m. EDT. The blue-chip index rose 1.43% on Tuesday.

The S&P 500 increased 23 points, or 0.53%, to 4,519, after recording Tuesday its best daily performance since April.

The Nasdaq rose 91 points, or 0.65%, to 14,186 after the tech-heavy index soared 2.37% the previous day.

Producer inflation in the US showed a monthly decrease of 0.5% in October, recording the biggest decline since April 2020, according to Labor Department figures released earlier. On an annual basis, it saw a gain of 1.3% in October, slowing down from a 2.2% increase in September.

The VIX volatility index, also known as the fear index, fell 0.35% to 14.11. The 10-year US Treasury yield rose 2.1% to 4.434%.

The dollar index was up 0.15% to 104.21, while the euro shed 0.15% to $1.0863 against the greenback.

Precious metals were mixed with gold flat at $1,963 an ounce but silver increased 1.4% to $23.42.

Oil prices lost more than 1.2% with global benchmark Brent crude at $81.52 per barrel and US benchmark West Texas Intermediate crude at $77.08.