Wall Street Continues Its Gains

U.S. stocks continued their recent gains and closed higher on Thursday, after data showed that the annual increase in U.S. producer prices was the smallest in nearly three years. The data provided further indications that inflationary pressures are easing. Data released yesterday showed that U.S. consumer prices recorded their lowest annual increase in over two years. This data helped bolster expectations that the Federal Reserve will halt interest rate hikes after a widely anticipated 25 basis point increase later this month. According to preliminary data, the S&P 500 index rose by 37.73 points or 0.84 percent, closing at 4509.89 points, while the Nasdaq Composite increased by 219.35 points or 1.58 percent to 14138.31 points. The Dow Jones Industrial Average also gained 44.48 points or 0.13 percent to close at 34391.91 points.