US stocks higher despite hot producer prices

By Ovunc Kutlu

ISTANBUL (AA) - 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.