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Stocks were higher Tuesday after the producer price index, the first of two major inflation reports this week, came in cooler than forecasted.
The Dow Jones Industrials hiked 156.08 points to 42,453.20
The S&P 500 Index gained 21.06 points to 5,857.28.
The NASDAQ hiked 101.24 points to 19,189.34.
Some big tech stocks managed to climb higher, putting the sector in the green Tuesday morning, after suffering losses on Monday and the previous week as investors traded out of the sector. Tesla and Palantir rose around 3% each.
On the earnings front, banking behemoths will kick off fourth-quarter earnings season this week, with JPMorgan Chase, Citigroup, Goldman Sachs and Wells Fargo posting results on Wednesday. Morgan Stanley and Bank of America are slated to report on Thursday.
The producer price index, which measures wholesale inflation, increased just 0.2% in December, according to a Bureau of Labor Statistics report. Economists polled by Dow Jones had estimated a 0.4% rise. Core PPI, which excludes food and energy, was flat.
Investors are now looking toward Wednesday’s consumer price index report for insights on the Federal Reserve’s next move on interest rate policy.
Prices for the 10-year Treasury sank, lifting yields to 4.80% from Monday’s 4.79%. Treasury prices and yields move in opposite directions.
Oil prices tailed off $1.20 to $77.62 U.S. a barrel.
Prices for gold recovered $5.30 an ounce to $2,683.90 U.S.