Stocks Jump on Softening Inflation

Stocks jumped for a second day Thursday as investors cheered another better-than-expected inflation report.

The Dow Jones Industrials stayed positive 190.79 points to break for lunch Thursday at 33,500.30

The S&P 500 advanced 22.08 points to 4,232.32.

The NASDAQ Composite acquired 29.49 points to 12,884.30.

Earnings reports were also boosting the major averages. Disney shares jumped more than 7% after the media giant posted stronger-than-anticipated subscriber numbers for the last quarter, along with earnings and revenue that topped expectations. Disney also said it would raise prices for Disney+.

Investor sentiment got a boost when the July producer price index showed a surprise decline from June. PPI dropped 0.5%, compared to an estimate of a 0.2% gain, according to a Dow Jones survey. The PPI reading excluding food and energy rose less than expected.

Treasury prices were lower, raising yields to 2.84% from Wednesday’s 2.79%. Treasury prices and yields move in opposite directions.

Oil prices grew $2.62 to $94.55 U.S. a barrel.

Gold prices dropped $8.40 to $1,805.30 U.S. an ounce.