U.S. stock indexes rallied to record highs Thursday as investors shrugged off the biggest annual increase for producer prices on record.
|I:DJI||DOW JONES AVERAGES||31253.13||-236.94||-0.75%|
|I:COMP||NASDAQ COMPOSITE INDEX||11388.495467||-29.66||-0.26%|
The Dow Jones Industrial Average edged up 14 points, or 0.04%, while the S&P 500 index and the Nasdaq Composite index added 0.29% and 0.35%, respectively. Both the Dow and S&P 500 closed in record territory for a third straight day. The Nasdaq ended less than 80 points below its own peak.
Thursday's gains came despite the producer price index for July increasing at a 7.8% annual pace, the fastest since recordkeeping began in November 2010. Prices were up 1% month over month, matching the increase in June.
Elsewhere in the economy, initial jobless claims last week fell to 375,000, matching estimates. Continuing claims, meanwhile, slid to a pandemic-era low of 2.866 million.
In stocks, Caterpillar Inc. and Nucor Corp. remained in focus after the Senate earlier this week passed the $1 trillion infrastructure bill that would provide funding for roads, bridges, and other things.
Drugmakers Pfizer Inc., Moderna Inc., Johnson & Johnson, and BioNTech SE were in focus after The Wall Street Journal reported the U.S. Food and Drug Administration was considering authorization of a COVID-19 booster shot for people with weakened immune systems.
|JNJ||JOHNSON & JOHNSON||173.94||-1.56||-0.89%|
EBay Inc. reported mixed quarterly results as a reopening of brick-and-mortar stores contributed to a 2% year-over-year decline in the number of active buyers on its platform. The e-commerce marketplace forecast current-quarter revenue below analyst expectations.
|PLTR||PALANTIR TECHNOLOGIES INC.||8.31||+0.30||+3.75%|
Bumble Inc. missed on earnings, but beat on revenue. The dating app maker forecast current-quarter revenue above expectations.
Big data provider Palantir Technologies Inc. topped sales estimates as revenue surged 49% year over year. Adjusted earnings matched Wall Street estimates.
Walt Disney Co. and Airbnb Inc. are among the companies set to report their quarterly results after Thursday’s closing bell.
|DIS||THE WALT DISNEY CO.||103.14||-1.16||-1.11%|
In commodities, West Texas Intermediate crude oil slipped 16 cents to $69.09 a barrel and gold slumped $1.40 to $1,749 an ounce.
Overseas markets were mixed.
In Europe, Britain’s FTSE 100 declined 0.37% while France’s CAC 40 and Germany’s DAX 30 climbed 0.36% and 0.7%, respectively.
Asian markets finished lower across the board with Japan’s Nikkei 225 slipping 0.2%, China’s Shanghai Composite sliding 0.22% and Hong Kong’s Hang Seng index falling 0.53%.