The main US stock indices grew moderately, and Dow reached a record level on the background of the growth of bank shares, as well as rebound of shares in the technological sector.
A small influence on the course of trading was provided by the US. The Bureau of Employment Accounting said that in May the decline in the cost of gasoline and other fuels was holding back wholesale price inflation in the US, but upward pressure on prices was maintained in many areas of the economy. The producer price index was unchanged in May after an increase of 0.5% in April. Economists did not predict any changes in the PPI. Constant reading in wholesale inflation, as expected, was associated with a fall in prices for gas and fuel. Wholesale prices for gasoline fell by 11.2%. Wholesale prices for food also fell for the first time in six months. Basic wholesale prices fell by 0.1% in May. The base inflation rate for the last 12 months increased by 2.1%, remaining unchanged from April.
Oil prices rose by about 1% on Tuesday, despite the fact that OPEC reported an increase in production in May. The OPEC monthly report showed that production in the group increased in May by 336,000 barrels per day, to 32.14 million barrels per day, which was caused by the restoration of production in Nigeria and Libya, which are exempt from cuts in supplies. The report also said that the market's rebalancing is "slow". Investors are also preparing to release data on oil stocks in the US. Today, the report will be presented by the American Petroleum Institute, and on Wednesday official figures will be released from the US Energy Ministry.
Most of the components of the DOW index showed growth (20 out of 30). Most fell shares of General Electric Company (GE, -1.81%). Leader of growth were shares of Visa Inc. (V, + 1.69%).
All sectors of the S & P index finished trading in positive territory. The leader of growth was the sector of basic materials (+ 0.7%).
At closing:
DJIA + 0.44% 21,328.88 +93.21
Nasdaq + 0.73% 6,220.37 +44.90
S & P + 0.45% 2.440.35 +10.96
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