by Caroline Valetkevitch
NEW YORK (Reuters) – The New York Stock Exchange ended higher on Thursday, as monthly producer price data confirmed slowing inflation in the United States.
The Dow Jones Industrial Average gained 0.14%, or 47.71 points, to 34,395.14 points.
The broader S&P-500 gained 37.88 points, or 0.85%, to 4,510.04 points.
The Nasdaq Composite advanced for its part by 219.61 points (1.58%) to 14,138.57 points.
Data released by the US Department of Labor showed inflationary pressures easing as producer prices rose less than expected.
Consumer price figures released the day before showed the weakest annual increase since March 2021.
These reports have fueled hopes that the US Federal Reserve (Fed) will stop raising rates, with a 25 basis point hike expected later this month.
“The producer price index confirms that inflation is continuing to move in the right direction, although labor market and consumer data are improving. This is a good sign,” Mona Mahajan said. , strategist at Edward Jones.
In values, Delta Air Lines rose after revising its full-year profit target upwards.
PepsiCo also ended in positive territory after raising its full-year revenue and profit guidance, betting on demand and rising prices.
Google’s parent company, Alphabet, ended in the green after announcing the deployment of its generative artificial intelligence chatbot, Bard, in Europe and Brazil.
(With contributions from Johann M Cherian, Bansari Mayur Kamdar in Bengaluru, Sinead Carew and Shashwat Chauhan; Camille Raynaud)
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