US stock indexes open higher after softer producer prices data
US stock indexes opened higher on 13 November after data showed October producer prices were softer than expected, potentially reducing pressure on the Federal Reserve to raise interest rates aggressively. The Dow rose 0.37 per cent, the S&P 500 rose 0.32 per cent and the Nasdaq Composite rose 0.17
The major US stock indexes opened higher on Friday, 13 November, after data showed October producer prices were slightly softer than expected, potentially relieving some pressure on the Federal Reserve to hike interest rates aggressively.
The Dow Jones Industrial Average rose 193.6 points, or 0.37 per cent, at the open to 52,490.68. The S&P 500 rose 24.5 points, or 0.32 per cent, at the open to 7,616.85, while the Nasdaq Composite rose 41.9 points, or 0.17 per cent, to 25,408.001.
The softer-than-expected producer prices data for October suggested that inflationary pressures may be easing, which could give the Federal Reserve more leeway in its monetary policy decisions. Markets have been closely watching for signs that the central bank might slow the pace of interest rate increases.