US data push stocks higher for fourth day in a row

Stocks surged as another significant inflation reading came in lower than anticipated. The Dow Jones Industrial Average gained 47.71 points, or 0.14%, to close at 34,395.14, while the S&P 500 rose 0.85% to reach 4,510.04, marking the S&P 500’s highest closing level in more than a year.

The Nasdaq Composite finished at 14,138.57, up 1.58%. While shares of MGM Resorts and Alphabet surged 4.1% and 4.7%, respectively, and Palo Alto Networks, a cybersecurity company, increased 2.7%.

Building on the optimism from the consumer price index data on Wednesday, the producer price index report for June showed a lower rise than expected.

The wholesale price index, or PPI, increased by 0.1% in June. A 0.2% gain was what economists surveyed by Dow Jones had predicted.

Building on the optimism from the consumer price index data on Wednesday, the producer price index report for June showed a lower rise than expected.

The PPI supported the slowing of inflation that was evident in the CPI yesterday, but the lower-than-anticipated weekly jobless claims number served as a reminder of the ongoing tightness of the labour market. The Fed is still on course to hike interest rates in July, and when earnings season gets underway, investors will turn their attention to corporate balance sheets.