The Producer Price Index rose 0.3% in April, slightly higher than the 0.2% increase economists had been expecting. This marks a big change relative to March when prices fell by 1.2%, driven by a 5.5% drop in energy prices. The core rate, which removes food and energy, increased 0.1%, which was inline with expectations and slightly above the flat growth seen in March. More from Bloomberg...
The Dow Jones Industrial Average gained 46 points (0.6%) to close at 8,331, the S&P 500 Index rose 9 points (1.0%) to 893, and the Nasdaq Composite increased 25 points (1.5%) to 1,689. Crude oil climbed $0.60 to $58.62 per barrel, and gold increased $0.50 to $926.80 per ounce.
