Stocks rallied Tuesday, scaling back closer to the record levels seen last month before a
The Dow Jones Industrial index climbed 258.07 points by noon hour to 39,615.08.
The S&P 500 index gained 63.53 points, or 1.2%, to 5,407.92.
The NASDAQ popped 312.19 points, or 1.9%, to 17,092.65.
Shares of Home Depot dropped 1.6% after the home improvement retailer cut its full-year sales outlook.
Starbucks surged more than 20% after the coffee chain tapped current Chipotle chief executive Brian Niccol as its next CEO. Shares of Chipotle sank more than 9%.
The producer price index — a measure of wholesale prices — increased 0.1% last month. Economists expected the reading to show a monthly gain of 0.2% in July, in line with the previous month’s reading, according to Dow Jones consensus estimates.
The PPI encouraged investors ahead of the more widely followed consumer price index out Wednesday morning, which is expected to show an increase of 0.2% last month, up from a 0.1% decline in the prior month. The data could give an uncertain market some direction after last week’s wild moves.
Prices for the 10-year Treasury gained ground early Tuesday, lowering yields to 3.86% from Monday’s 3.91%. Treasury prices and yields move in opposite directions.
Oil prices dipped $1.67 at $78.39 U.S. a barrel.
Gold prices were better by $5.30 to $2,509.30.
