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Stocks rose Tuesday following the release of fresh U.S. economic data, while investors waited for another key inflation report.
The Dow Jones Industrials sprang 126.14 points to 39,557.65.
The S&P 500 surged 25.17 points to 5,246.59.
The NASDAQ climbed 122.94 points to 16,511.18.
Shares of GameStop soared $18.30, or 60.1%, extending their rally from Monday, when they gained 74%. GameStop ended Tuesday at $48.75.
The producer price index reading for April came in above estimates, putting a damper on expectations that the Federal Reserve would begin cutting rates later this year as inflation weakens. The PPI gained 0.5% from April, higher than the 0.3% that economists polled by Dow Jones had anticipated.
Prices for the 10-year Treasury gained a bit of ground, pushing yields down to 4.44% from Monday’s 4.49%. Treasury prices and yields move in opposite directions.
Oil prices sank 97 cents to $78.15 U.S. a barrel.
Gold prices soared $19.20 to $2,362.20.
