WASHINGTON (dpa-AFX) - Stocks moved mostly higher during trading on Thursday, adding to the moderate gains posted in the previous sessions. The major averages all moved to the upside on the day, with the S&P 500 reaching a new record closing high.
The Nasdaq led the way higher, advancing 214.54 points or 0.8 percent to a two-month closing high of 26,803.03. The S&P 500 also climbed 50.49 points or 0.7 percent to 7,798.99, while the narrower Dow posted a more modest gain, inching up 69.72 points or 0.1 percent to 53,839.99.
The strength on Wall Street came after the Labor Department released a report showing producer prices in the U.S. unexpectedly came in flat in the month of July.
The Labor Department said its producer price index for final demand was unchanged in July after edging down by a revised 0.1 percent in June.
Economists had expected producer prices to rise by 0.2 percent compared to the 0.3 percent dip originally reported for the previous month.
The report also said the annual rate of growth by producer prices slowed to 4.7 percent in July from 5.5 percent in June. The annual rate of growth was expected to slow to 4.9 percent.
Combined with yesterday's report showing only a slight uptick in consumer prices and last Friday's report showing an unexpected decrease in jobs, the data added to optimism about the outlook for interest rates.
According to CME Group's FedWatch Tool, the chances the Federal Reserve raised rates by a quarter point at its next meeting in September have fallen to 34.6 percent from 55.0 percent a week ago.
Stocks also benefited from a steep drop by the price of crude oil, with U.S. crude oil futures plunging by 2.4 percent on the day.
Crude oil prices are under pressure as worries about the outlook for demand are overshadowing the supply concerns raised by the ongoing conflict in the Middle East.
Sector News
Computer hardware stocks extended the rally seen over the past several sessions, with the NYSE Arca Computer Hardware Index spiking by 4.7 percent to a new record closing high.
Significant strength was also visible among software stocks, as reflected by the 2 percent jump by the Dow Jones U.S. Software Index.
Telecom, transportation and commercial real estate stocks also saw notable strength, while gold stocks came under pressure amid a pullback by the price of the precious metal.
Other Markets
In overseas trading, stock markets across the Asia-Pacific turned in yet another mixed performance on Thursday. Japan's Nikkei 225 Index jumped by 1.2 percent, while China's Shanghai Composite Index fell by 0.5 percent.
Meanwhile, the major European markets all moved to the downside on the day. While the U.K.'s FTSE 100 Index slid by 0.6 percent, the French CAC 40 Index dipped by 0.3 percent and the German DAX Index edged down by 0.1 percent.
In the bond market, treasuries moved notably higher after ending the previous session roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, declined 4.1 basis points to 4.641 percent.
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