Chip equipment makers rallied alongside resilient small caps, offsetting fresh war-risk headlines and the return of rate-hike fears.
A hot headline Producer Price Index print lifted producer inflation to its highest since late 2022, yet core measures came in below forecasts and echoed the softer core CPI a day earlier.
The yield on the 10-year Treasury note edged down about 2 basis points to 4.53%, with the 2-year at 4.15% and the 30-year holding above the 5% line at 5.01%. Markets continue to lean toward one Federal Reserve rate hike this year, possibly in October.
The Dow Jones Industrial Average rose 333 points, or 0.7%, to 50,252. The small-cap Russell 2000 led the majors, jumping 1.3%.
Gold offered little safe-haven lift, edging up just 0.5% to about $4,094 an ounce and leaving the metal down more than 13% on the month.
Bitcoin (CRYPTO: BTC) rose 1.9% to $62,600, on pace to snap three straight sessions of losses.
Thursday’s Performance In Major US Indices
Index
Last
% Change
S&P 500
7,304.30
+0.5%
Dow Jones
50,302.63
+0.8%
Nasdaq 100
28,820.02
+1.1%
Russell 2000
2,877.65
+1.5%
Updated by 12:15 PM ET
According to the Benzinga Pro platform:
The Vanguard S&P 500 ETF (NYSE:VOO) gained 0.5%.
The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) rose 0.8%.
The Invesco QQQ Trust (NASDAQ:QQQ) climbed 1.1%.
The iShares Russell 2000 ETF (NYSE:IWM) rallied 1.5%.
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