US stocks higher as producer prices rise below estimates

By Ovunc Kutlu

ISTANBUL (AA) - Major stock exchanges in the US were higher on Tuesday as July producer prices rose below expectations.

The Dow Jones was up 86 points, or 0.22%, to 39,443 at 10.25 a.m. EDT (1425GMT). The S&P 500 added 41 points, or 0.78%, to 5,385.

The Nasdaq, meanwhile, increased 236 points, or 1.4%, to 17,018.

Producer inflation in the US rose 0.1% monthly in July, coming below expectations of 0.2% in July, the Bureau of Labor Statistics said earlier. On an annual basis, producer prices rose 2.2% in July, also coming below market estimates of a 2.3% increase.

The VIX volatility index, also known as the fear index, dove 6.5% to 19.35. The 10-year US Treasury yield fell 1% to 3.872%.

The US dollar index lost 0.2% to 102.92, while the euro rose 0.22% to $1.0955 against the greenback.

Precious metals were in negative territory, with gold losing 0.19% to $2,467 per ounce and silver down 1.4% to $27.56.

Oil prices were down around 1.6%, with global benchmark Brent crude at $81.02 per barrel and US benchmark West Texas Intermediate at $78.75.