AP Photo/Richard Drew
US stocks rose on Thursday, on course to extend a winning streak as investors assessed labor-market and inflation data while preparing for the steady stream of corporate earnings kicking off this week.
After a selloff was sparked by the prospect that the Federal Reserve will accelerate a reduction of the amount of money it gives to the economy, all three of Wall Street's major benchmarks were headed toward a third consecutive win.
The Labor Department said wholesale prices rose by less than expected in December, suggesting a cooling in inflation. The producer price index was at 9.7% in 2011.
It was the highest amount since mid-November when weekly unemployment claims were at their lowest levels.
The US indexes stood at 9:30 a.m. on Thursday.
The fourth-quarter earnings season is about to start. On Thursday, Delta Airlines posted an earnings beat, while banks including JP Morgan and Citi will release their results on Friday. The Federal Reserve is sending a message that it is going to hike interest rates quickly to tackle inflation.
The Federal Reserve Presidents of San Francisco and Philadelphia both said they expect interest rate hikes to start in March.
Lael Brainard, who was nominated by President Joe Biden to serve as the next vice-chair of the Federal Reserve, said in prepared remarks that the most important task for the central bank is to curb inflation.
The S&P 500 is predicted to rise 9% in 2022, according to Wharton professor Jeremy Siegel.
The shiba inu coin jumped 12%.
The price of oil fell from a two-month high. The price of West Texas Intermediate crude fell. The international benchmark of crude oil, known as Brent, slipped.
The price of gold was $1,821.30 per ounce. The yield was 1.741%.
It lost 5.3% to trade at $43,724.90
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