U.S. stocks open higher after key economic data

Xinhua
11 Jun 2021, 02:18 GMT+10

NEW YORK, June 10 (Xinhua) -- U.S. stocks opened higher on Thursday as investors sifted through newly-released economic data.

Shortly after the opening bell, the Dow Jones Industrial Average rose 287.85 points, or 0.84 percent, to 34,734.99. The S&P 500 increased 26.72 points, or 0.63 percent, to 4,246.27. The Nasdaq Composite Index climbed 83.09 points, or 0.60 percent, to 13,994.84.

All of the 11 primary S&P 500 sectors advanced in morning trading, with energy up 1.5 percent, leading the gains.

The above market moves came despite a key inflation report showing a larger-than-expected increase in price pressures in the United States.

The headline Consumer Price Index (CPI) rose 0.6 percent in May for a 5.0-percent year-over-year gain, the U.S. Bureau of Labor Statistics reported on Thursday, above the 4.7-percent consensus.

The core CPI, which excludes food and energy, rose 0.7 percent for a 3.8 percent yearly increase, also above the market consensus.

"There's plenty of evidence this was another month of transitory increases, but the Fed's patience will be tested yet again at the FOMC (Federal Open Market Committee) meeting next week," Chris Low and Will Compernolle, economists at FHN Financial, said in a note on Thursday.

Meanwhile, a separate report released by the Labor Department showed that U.S. initial jobless claims, a rough way to measure layoffs, decreased by 9,000 to 376,000 in the week ending June 5, marking a fresh pandemic-era low.

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