(Sharecast News) - Major indices closed higher on Thursday following wholesale inflation figures from the Bureau of Labor Statistics.
At the close, the Dow Jones Industrial Average was up 0.24% at 42,967.62, while the S&P 500 advanced 0.38% to 6,045.26 and the Nasdaq Composite saw out the session 0.24% firmer at 19,662.48.
The Dow closed 101.85 points higher on Thursday as attention shifted from a cooler-than-expected May consumer price index reading to last month's producer price index.
Thursday's primary focus was May's producer price index, which revealed US producer prices ticked up 0.1% month-on-month in May, according to the Bureau of Labor Statistics, following an upwardly revised 0.2% drop in April and below expectations of a 0.2% increase. Prices for goods increased 0.2%, while prices for services edged up 0.1%.
On an annualised basis, producer prices increased 2.6%, in line with expectations, following April's upwardly revised 2.5% increase. Core producer prices increased 0.1%, below forecasts of a 0.3% increase, while the annual core rate slowed to 3% from 3.2%, versus expectations of 3.1%.
Market participants also looked out for further updates on trade talks between the US and China after officials struck a "framework" agreement in London earlier in the week, with the deal now awaiting approval from Donald Trump and Chinese president Xi Jinping.
Tensions between the US and Iran were also drawing an amount of investor attention at the open after Trump expressed concerns that the two nations would be able to strike a nuclear deal.
Elsewhere on the macro front, Americans lined up for unemployment benefits at a steady pace in the week ended 7 June, according to the Department of Labor. Initial jobless claims came to 248,000, in line with the previous week's upwardly revised rate and versus expectations of a drop to 240,000. Elsewhere, continuing claims jumped by 54,000 to 1.95m, while the four-week moving average, which aims to strip out week-to-week volatility, came in at 240,250, up by 5,000 when compared to the previous week's reading.
In the corporate space, Oracle shares were higher at the close after posting Q4 results that beat on both the top and bottom lines and guided to further cloud revenue growth, while Boeing shares traded lower following the crash of a London-bound 787-8 Dreamliner carrying 242 people shortly after takeoff from Ahmedabad in India.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Unitedhealth Group Inc. (UNH) $318.50 2.56%
Amgen Inc. (AMGN) $297.29 1.88%
Merck & Co. Inc. (MRK) $81.76 1.87%
Travelers Company Inc. (TRV) $265.99 1.79%
Cisco Systems Inc. (CSCO) $65.10 1.42%
Microsoft Corp. (MSFT) $478.87 1.32%
Johnson & Johnson (JNJ) $156.64 0.90%
Home Depot Inc. (HD) $363.08 0.75%
Procter & Gamble Co. (PG) $163.13 0.66%
McDonald's Corp. (MCD) $303.04 0.48%
Dow Jones - Fallers
Boeing Co. (BA) $203.75 -4.79%
Dow Chemical Co. (DOW) $30.15 -1.76%
3M Co. (MMM) $144.67 -1.64%
Verizon Communications Inc. (VZ) $43.16 -1.33%
Walmart Inc. (WMT) $94.82 -1.01%
Walt Disney Co. (DIS) $118.55 -0.76%
Caterpillar Inc. (CAT) $360.96 -0.60%
Visa Inc. (V) $371.29 -0.51%
Nike Inc. (NKE) $62.80 -0.49%
American Express Co. (AXP) $297.98 -0.37%
S&P 500 - Risers
Oracle Corp. (ORCL) $199.86 13.31%
Newmont Corporation (NEM) $55.92 4.90%
Cardinal Health Inc. (CAH) $160.52 4.55%
Cencora Inc (COR) $295.04 2.93%
Gen Digital Inc. (GEN) $30.27 2.82%
Lockheed Martin Corp. (LMT) $469.27 2.77%
Unitedhealth Group Inc. (UNH) $318.50 2.56%
Gilead Sciences Inc. (GILD) $112.05 2.52%
Hershey Foods Corp. (HSY) $172.20 2.42%
Gallagher Arthur J (AJG) $320.57 2.30%
S&P 500 - Fallers
Nektar Therapeutics (NKTR) $8.76 -8.27%
Boeing Co. (BA) $203.75 -4.79%
Albemarle Corp. (ALB) $62.46 -4.00%
Gap Inc. (GAP) $21.62 -3.27%
Omnicom Group Inc. (OMC) $71.16 -2.88%
Fluor Corp. (FLR) $48.35 -2.81%
Southwest Airlines Co. (LUV) $32.58 -2.72%
Carmax Inc. (KMX) $66.08 -2.54%
PVH Corp. (PVH) $64.19 -2.45%
Under Armour Inc. Class A (UAA) $6.84 -2.43%
Nasdaq 100 - Risers
Qvc Group Inc Series A (QVCGA) $3.30 6.45%
Gen Digital Inc. (GEN) $30.27 2.82%
Gilead Sciences Inc. (GILD) $112.05 2.52%
Vodafone Group Plc ADS (VOD) $10.00 2.04%
Dollar Tree Inc (DLTR) $96.11 2.02%
Amgen Inc. (AMGN) $297.29 1.88%
Monster Beverage Corp (MNST) $63.69 1.76%
Mondelez International Inc. (MDLZ) $68.12 1.75%
Vertex Pharmaceuticals Inc. (VRTX) $460.06 1.68%
Electronic Arts Inc. (EA) $150.05 1.60%
Nasdaq 100 - Fallers
Sirius XM Holdings Inc (SIRI) $21.91 -3.01%
Microchip Technology Inc. (MCHP) $67.93 -2.40%
Tesla Inc (TSLA) $319.11 -2.24%
Ross Stores Inc. (ROST) $133.47 -2.14%
Align Technology Inc. (ALGN) $181.69 -2.04%
Intuitive Surgical Inc. (ISRG) $513.00 -1.80%
American Airlines Group (AAL) $10.90 -1.45%
Liberty Global plc Series C (LBTYK) $10.14 -1.36%
Liberty Global plc Series A (LBTYA) $9.89 -1.30%
Synopsys Inc. (SNPS) $494.99 -1.15%
34.29 (0.39%)
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