US stocks ticked higher Thursday following more economic data that pointed to cooling inflation and a softer labor market.
On Thursday, the March producer price index declined by 0.5% month-over-month, while economists had expected the measure to remain flat. That followed Wednesday's lower-than-expected reading on consumer prices. Weekly jobless claims, meanwhile, came in at 239,00 for the week that ended April 8, above views for 235,000.
"Inflation's downward trend makes life easier for the Fed — however speculation that the central bank could cut rate towards the end of the year should be tempered by the Fed's own communication to the contrary," wrote Giuseppe Sette, president of Toggle, in a note."Traders would do well to remember that rates historically are always higher than inflation except during a recession.
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