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U.S. equities gained on Thursday, boosted by a rebound in chip stocks after recent pressure, but the advanced was capped as oil prices rose as U.S.-Iran tensions ramped up.
The Dow Jones Industrials revived 284.10 points to 50,202.88.
The S&P 500 index resurged 31.02 points to 7,298.01
The NASDAQ regained 149.76 points to 25,319.26.
The tech gains Thursday came even as shares of Oracle dropped 12% as the software giant announced plans to raise an additional $20 billion in equity and debt to pay for its artificial intelligence buildout.
Micron Technology, Advanced Micro Devices and Intel rebounded. Intel was upgraded by Bank of America from underperform to buy on Thursday and the shares responded with a 5% gain.
Elsewhere, the producer price index increased 1.1% in May, more than the 0.7% that economists polled by Dow Jones expected. Core inflation — which excludes volatile food and energy prices — stood at 0.4%, below the Dow Jones forecast for 0.5%.
Prices for the 10-year Treasury eked higher, lowering yields to 4.52% from Wednesday’s 4.55%. Treasury prices and yields move in opposite directions.
Oil prices demurred a dime to $89.93 U.S. a barrel.
Gold prices lost $51.50 to $4,081.00U.S. an ounce.
