US stocks rally; S&P 500, Nasdaq snap 3-day losing streak

14 Apr 2022 , 11:49 AM

The Dow Jones Industrial Average rose 344.23 points, or 1.01%, to 34,564.59. The S&P 500 gained 1.12% to 4,446.59, and the Nasdaq Composite rallied 2.03% to 13,643.59.

Stocks finished near session highs after Federal Reserve Gov. Christopher Waller said March levels of inflation in consumer prices might be ?pretty much the peak,? but that planned rate hikes will continue, as per reports.

The 10-year Treasury yield fell to 2.7% following the producer prices report. The yield touched a three-year high of 2.82% this week before pulling back.

Traders also looked past another data set showing a sharp increase in prices amid rising hopes that inflationary pressures may be peaking.

The producer price index, which measures the prices paid by wholesalers, increased 11.2% from a year ago, the most in a data series going back to November 2010. On a monthly basis, the gauge climbed 1.4%. Stripping out food, energy and trade services, so-called core PPI rose 0.9% on a monthly basis. Core PPI increased 7% on a year-over-year basis. PPI is considered a forward-looking inflation measure as it tracks prices in the pipeline for goods and services that eventually reach consumers.

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