Dow, S&P hit record highs as producer prices surge

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U.S. equity markets climbed to record highs Friday after producer prices spiked by the most in more than nine years.  

The Dow Jones Industrial Average gained 297 points, or 0.89% while the S&P 500 advanced 0.77%. Both of the indexes were trading in record territory. The Nasdaq Composite, meanwhile, climbed 0.51% to exit correction territory. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 33800.6 +297.03 +0.89%
SP500 S&P 500 4128.8 +31.63 +0.77%
I:COMP n.a. n.a. n.a. n.a.

The choppy trade comes after a report showed producer prices rose 4.2% year over year in March, the fastest since September 2011. Wall Street analysts surveyed by Refintiv were expecting a 3.8% increase. The hotter-than-expected PPI report caused traders to dump U.S. Treasurys, pushing the yield on the 10-year note up 3 basis points to 1.66%.

In stocks, Dow component Boeing Co. asked 16 customers to address a potential electrical issue related to some 737 Max jets. 

Ticker Security Last Change Change %
BA THE BOEING CO. 252.16 -2.43 -0.95%
GS THE GOLDMAN SACHS GROUP, INC. 331.00 +0.13 +0.04%
JPM JPMORGAN CHASE & CO. 156.39 +1.21 +0.78%

Elsewhere in the Dow, Goldman Sachs Group Inc. and JPMorgan Chase & Co. were chosen to lead the U.S. IPO for Chinese ride-hailing company Didi Chuxing, Reuters reported. Didi is expected to command a valuation of at least $100 billion, and could be the biggest Chinese IPO in the U.S. since Alibaba’s 2014 debut.

Carnival Corp., Royal Caribbean Cruises Ltd. and Norwegian Cruise Line Holdings Ltd. were in focus after Florida sued the federal government and the Centers for Disease Control and Prevention, demanding that cruise operators be allowed to resume immediately. 

Ticker Security Last Change Change %
CCL CARNIVAL CORP. 29.30 +0.74 +2.59%
RCL ROYAL CARIBBEAN CRUISES 89.88 +0.09 +0.10%
NCLH NORWEGIAN CRUISE LINE HOLDINGS LTD. 30.54 -0.08 -0.26%

In earnings, Levi Strauss & Co. reported quarterly profit and sales fell from a year ago, but exceed Wall Street estimates. 

Ticker Security Last Change Change %
LEVI LEVI STRAUSS & CO. 25.67 +0.65 +2.60%

In commodities, West Texas Intermediate crude fell 28 cents to $59.32 per barrel and gold lost $13.50 to $1,743.30 an ounce.

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Overseas markets traded mixed. 

Germany’s DAX 30 outperformed in Europe, advancing 0.21%, while France’s CAC 40 ticked up 0.06% and Britain’s FTSE 100 slipped 0.38%. 

In Asia, Hong Kong’s Hang Seng index declined 1.07%, China’s Shanghai Composite lost 0.92% and Japan’s Nikkei 225 rose 0.2%.