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Wall Street stocks rose early Thursday following a favorable US inflation report as markets awaited earnings from JPMorgan Chase and other big banks. online news
Wholesale prices declined 0.5 percent in March, according to US data, with the drop largely attributed to a fall in energy prices.
The report came on the heels of government data Wednesday that showed a generally improving pricing picture, although inflation remained elevated when food and energy costs were stripped out.
Analysts still expect the Federal Reserve to raise interest rates in May in light of inflation but consider a pause more likely after that.
About 30 minutes into trading, the Dow Jones Industrial Average was flat at 33,653.22.
The broad-based S&P 500 added 0.3 percent at 4,103.06, while the tech-rich Nasdaq Composite Index jumped 0.9 percent to 12,036.28.
Among individual companies, Delta Air Lines declined 2.2 percent after reporting a $363 million loss in the first quarter. However, the company noted that it scored record March quarter revenue in light of strong underlying demand for flying.
The report comes ahead of Friday’s heavy schedule of bank earnings that will be scrutinized after the failure of three US regional banks last month.
jmb/dw
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