US stocks close higher after producer inflation figures

ISTANBUL

Major stock exchanges in the US closed Tuesday with gains as producer prices rose in July below expectations.

The Dow Jones was up 408 points, or 1.04%, to finish the day at 39,765. The S&P 500 rose 90 points, or 1.68%, to 5,434.

The Nasdaq, meanwhile, jumped 407 points, or 2.43%, to end the session at 17,187.

Producer inflation in the US rose 0.1% monthly in July, coming below expectations of 0.2% in July, the Bureau of Labor Statistics said earlier. On an annual basis, producer prices rose 2.2% in July, also coming below market estimates of a 2.3% increase.

The VIX volatility index, also known as the fear index, dove 12.5% to 18.12. The 10-year US Treasury yield fell 1.5% to 3.851%.

The US dollar index lost 0.53% to 102.59, while the euro rose 0.6% to $1.0998 against the greenback.

Precious metals were in negative territory, with gold losing 0.28% to $2,465 per ounce and silver losing 0.4% to $27.86.

Oil prices were down around 1.8%, with global benchmark Brent crude at $80.88 per barrel and US benchmark West Texas Intermediate at $78.60.