Wall Street Brushes Off Hot PPI as Stocks Advance: Markets Wrap
- Producer prices rise by more than forecast on gasoline jump
- Fed minutes flag high rates for ‘some time’ while risks shift
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Stocks extended their rebound from oversold levels as traders shrugged off a hotter-than-estimated inflation reading to focus on less hawkish comments from Federal Reserve speakers. Oil fell after an early-week surge.
The S&P 500 rose for a fourth straight session. Megacaps outperformed, with Nvidia Corp. climbing over 2%. Exxon Mobil Corp. led losses in energy shares after agreeing to buy Pioneer Natural Resources Co. German sandal maker Birkenstock Holding Plc slumped in its US debut. Treasury 10-year yields dropped nine basis points to 4.56%. The dollar saw its longest losing streak since March.