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  3. US markets end higher on cooling US inflation

US markets end higher on cooling US inflation

14 Jul 2023 Evaluate

The US markets ended higher on Thursday following the release of a Labor Department report showing producer prices in the U.S. inched up by slightly less than expected in the month of June. The Labor Department said its producer price index for final demand crept up by 0.1 percent in June after falling by a revised 0.4 percent in May. Street had expected producer prices to rise by 0.2 percent compared to the 0.3 percent dip originally reported for the previous month. The report also said the annual rate of producer price growth slowed to just 0.1 percent in June from a revised 0.9 percent in May. The pace of growth was expected to slow to 0.4 percent from the 1.1 percent originally reported for the previous month.

Meanwhile, a separate Labor Department report unexpectedly showed a modest decrease in first-time claims for U.S. unemployment benefits in the week ended July 8th. The Labor Department said initial jobless claims slipped to 237,000, a decrease of 12,000 from the previous week’s revised level of 249,000. The dip surprised participants, who had expected jobless claims to inch up to 250,000 from the 248,000 originally reported for the previous week. On the sectoral front, computer hardware stocks saw substantial strength on the day, driving the NYSE Arca Computer Hardware Index up by 2.4 percent to its best closing level in over a year. Semiconductor and software stocks also showed significant moves to the upside, contributing to the surge by the tech-heavy Nasdaq.

Dow Jones Industrial Average rose 47.71 points or 0.14 percent to 34,395.14, Nasdaq gained 219.61 points or 1.58 percent to 14,138.57 and S&P 500 was up by 37.88 points or 0.85 percent to 4,510.04.

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