U.S. stocks rose on Thursday, regaining momentum despite a stronger-than-expected inflation record as one of the last bits of data that could sway the Federal Reserve at next week's policy meeting. .
The S&P 500 (^GSPC) rose 0.1%, signaling a possible bid for its 18th record close of the year. The Dow Jones Industrial Average (^DJI) rose about 0.3%, or more than 100 points.
The tech-heavy Nasdaq 100 (^IXIC) also rose 0.3%, rebounding after Nvidia (NVDA) and Tesla (TSLA) fell on Wednesday.
The producer price index rose 0.6% in February, beating expectations for a 0.3% rise. Investors were watching whether inflation cooled quickly enough to satisfy Fed policymakers and threaten a rate cut. That said, markets ignored signs of persistent inflation in Tuesday's CPI report and held firm to hopes of a policy reversal in the summer.
Meanwhile, retail sales rose 0.6%, falling short of the expected 0.8% increase. All eyes were on Thursday's release of statistics for clues about the health of the U.S. economy ahead of next week's two-day central bank meeting.
In primary products, crude oil continued its resurgent rally after the IEA warned that supplies would be delayed this year and U.S. stockpiles would shrink. WTI crude oil futures (CL=F) remained just above $80 a barrel, the highest since November, while Brent crude oil futures (BZ=F) rose towards $85.
On the corporate side, Fisker (FSR) stock plummeted nearly 40% following a Wall Street Journal report that the electric vehicle maker was considering filing for bankruptcy.
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