US shares end Tuesday’s session with gains

(MENAFN) On Tuesday, major US stock exchanges ended the day with gains, driven by producer prices rising less than expected in July. The Dow Jones Industrial Average climbed 408 points, or 1.04 percent, closing at 39,765. The S&P 500 saw a notable increase of 90 points, or 1.68 percent, ending the session at 5,434. The Nasdaq Composite surged 407 points, or 2.43 percent, to finish at 17,187.

The Bureau of Labor Statistics reported that producer inflation in the US rose by 0.1 percent month-over-month in July, falling short of the anticipated 0.2 percent increase. On a year-over-year basis, producer prices increased by 2.2 percent, also below the market forecast of a 2.3 percent rise. This data contributed to the positive sentiment in the equity markets.

The VIX volatility index, often referred to as the fear index, dropped 12.5 percent to 18.12, reflecting decreased market anxiety. The yield on the 10-year US Treasury note fell by 1.5 percent to 3.851 percent. The US dollar index declined by 0.53 percent to 102.59, while the euro appreciated by 0.6 percent to USD1.0998 against the dollar.

In commodities, precious metals experienced losses, with gold falling by 0.28 percent to USD2,465 per ounce and silver dropping by 0.4 percent to USD27.86. Oil prices also decreased, with Brent crude oil settling at USD80.88 per barrel, down approximately 1.8 percent, and West Texas Intermediate crude at USD78.60 per barrel.

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