Michelle ThompsonThe producer inflation rate has decreased by 0.5% per month, the most since April 2020.
US stock markets have maintained their gains from the previous trading day despite a monthly fall in producer inflation in October.
At 10.59 a.m. EDT, the Dow Jones was up 149 points, or 0.43%, to 34,977. On Tuesday, the blue-chip index increased by 1.43%.
The S&P 500 saw its greatest daily performance since April on Tuesday, as it gained 23 points, or 0.53%, to 4,519.
Nasdaq gained 91 points, or 0.65%, to 14,186 following the day’s 2.37% gain in the tech-heavy index.
According to Labor Department numbers issued earlier, producer inflation in the US showed a monthly reduction of 0.5% in October, posting the greatest decline since April 2020. October had a 1.3% annual gain, which was less than the 2.2% increase in September.
The fear index, or VIX volatility index, dropped by 0.35% to 14.11. The yield on the US Treasury 10-year increased 2.1% to 4.434%.
In contrast to the greenback, the euro fell 0.15% to $1.0863, while the dollar index increased by 0.15% to 104.21.
At $1,963 per ounce, precious metals were combined with gold, but silver saw a 1.4% boost to $23.42.
With US benchmark West Texas Intermediate crude at $77.08 and worldwide benchmark Brent crude at $81.52 per barrel, oil prices fell by more than 1.2%.
