US stocks rise amid inflation report, drop in oil price
US stocks ended the week higher on Friday after an inflation report suggested surging petrol costs were not leading to a wider rise in consumer prices, the dpa reported.
Inflation came in at a seasonally-adjusted 0.6 per cent in May, largely on the back of a 5.8-per-cent increase in the price of petroleum-based products, the US Labour Department said.
Core prices - which exclude volatile food and energy - rose only 0.2 per cent on the month, easing speculation that the Federal Reserve will raise interest rates when it meets later this month.
Crude oil dropped on the day, spurring gains in retailers and the US currency.
The blue-chip Dow Jones Industrial Average was up 165.77 points, or 1.37 per cent, to 12,307.35. The broader Standard & Poor's 500 rose 20.16 points, or 1.5 per cent, to 1,360.03. The technology- heavy Nasdaq Composite Index gained 50.15 points, or 2.09 per cent, to 2,454.50.
The US currency climbed against the euro to 65.02 euro cents from 64.76 euro cents on Thursday, and also gained on the Japanese currency to 108.19 yen from 107.94 yen.
Gold rose 1.10 dollars to 873.10 dollars per fine ounce.