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  3. US markets settle sharply higher on Tuesday

US markets settle sharply higher on Tuesday

14 Aug 2024 Evaluate

The US markets ended sharply higher on Tuesday following the release of a Labor Department report showing producer prices crept slightly higher in the month of July. The Labor Department said its producer price index for final demand inched up by 0.1 percent in July after rising by 0.2 percent in June. The uptick by producer prices matched Street estimates. Meanwhile, the report said the annual rate of producer price growth slowed to 2.2 percent in July from an upwardly revised 2.7 percent in June. Street had expected the annual rate of producer price growth to decelerate to 2.3 percent from the 2.6 percent originally reported for the previous month. Meanwhile, on Wednesday, the Labor Department is scheduled to release its more closely watched report on consumer price inflation in the month of July.

Street currently expect consumer prices to rise by 0.2 percent in July after edging down by 0.1 percent in June, while the annual rate of consumer price growth is expected to dip to 2.9 percent from 3.0 percent. Core consumer prices, which exclude food and energy prices, are also expected to rise by 0.2 percent in July after inching up by 0.1 percent in June. The annual rate of core price growth is expected to slow to 3.2 percent from 3.3 percent. On the economic data front, Semiconductor stocks turned in some of the market's best performances on the day, resulting in a 4.2 percent spike by the Philadelphia Semiconductor Index. Substantial strength was also visible among computer hardware stocks, driving the NYSE Arca Computer Hardware Index up by 3.2 percent. Housing stocks also showed a significant move to the upside, as reflected by the 1.7 percent gain posted by the Philadelphia Housing Sector Index.

Dow Jones Industrial Average rose 408.63 points or 1.04 percent to 39,765.64, Nasdaq gained 407 points or 2.43 percent to 17,187.61 and S&P 500 was up by 90.04 points or 1.68 percent to 5,434.43.  


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