US stocks higher despite gains in producer prices

ISTANBUL

US stocks opened higher on Tuesday despite producer prices in April picking up pace and coming above market estimates.

The Dow Jones was up 41 points, or 0.11%, to 39,472 at 9.59 a.m. EDT (1359GMT). The S&P 500 rose by four points, or 0.08%, to 5,225.

The Nasdaq, meanwhile, increased 20 points, or 0.12%, to 16,408 at the time.

US producer inflation in April rose 2.2% annually and 0.5% on a monthly basis, as both figures came above the market estimates, according to the Labor Department figures released earlier.

The annual and monthly figures were expected to come in at 2.1% and 0.3%, respectively, according to the market estimates.

The VIX volatility index, also known as the fear index, rose 1.4% to 13.79. The 10-year US Treasury yield lost 0.54% to 4.457%.

The dollar index shed 0.16% to 105.05, while the euro added 0.3% to $1.0819 against the greenback.

Precious metals were in the green, with gold rising 0.82% to $2,355 per ounce and silver increasing 1.8% to $28.71.

Oil prices were down around 0.45% with global benchmark Brent crude at $83.03 per barrel and US benchmark West Texas Intermediate crude at $78.72.