The Labor Department said its producer price index for final demand shot up by 1.1 percent in May, matching a downwardly revised jump in AprilUS Markets end higher amid hopes of easing US-Iran tensions – Latest News
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12 Jun 2026
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U.S. markets ended significantly higher on Thursday after President Donald Trump said a peace deal with Iran could be reached as early as this weekend, raising hopes of easing geopolitical tensions. Meanwhile, investors largely overlooked a Labor Department report showing that producer prices rose more than expected in May. The Labor Department said its producer price index for final demand shot up by 1.1 percent in May, matching a downwardly revised jump in April. Street had expected producer prices to climb by 0.7 percent compared to the 1.4 percent surge originally reported for the previous month. The report also said the annual rate of producer price growth accelerated to 6.5 percent in May from 5.7 percent in April, reaching the fastest rate of growth since November 2022.
On the sectoral front, semiconductor stocks led the market rally on Thursday, with the Philadelphia Semiconductor Index surging 7.9 percent. Intel (INTC) shares soared 9.2 percent after Bank of America upgraded the stock to Buy from Underperform. Airline stocks also posted strong gains as crude oil prices fell sharply, driving the NYSE Arca Airline Index up 7.5 percent. Networking, gold, and computer hardware stocks advanced significantly, while energy and software stocks bucked the broader market trend and closed lower.
Nasdaq surged 640.16 points or 2.54 percent to 25,809.66, Dow Jones Industrial Average increased 929.97 points or 1.86 percent to 50,848.75 and S&P 500 was up 127.31 points or 1.75 percent to 7,394.3.
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