Dow closes at highest level since February, S&P posts largest daily gain this month

By Ovunc Kutlu

ISTANBUL (AA) - The Dow Jones on Thursday closed at the highest level since February, while the S&P posted the largest daily gain this month, as the annual producer inflation figure showed a softening.

The blue-chip Dow jumped 383 points, or 1.14%, to finish the day at 34,029.

The S&P 500 soared 54 points, or 1.33%, to 4,146. The index also recorded its highest closing level since February.

The tech-heavy Nasdaq skyrocketed 236 points, or 1.99%, to end the session at 12,166.

Technology companies' stocks fueled the rally as Amazon and Netflix saw their share price climbing around 4.6% apiece, while Apple shares gained 3.4%.

US annual producer inflation significantly eased to 2.7% in March, according to Labor Department data released earlier. The figure marks a sharp slowing from February's annual gain of 4.9%. On a monthly basis, it fell 0.5% in March.

The VIX volatility index, also known as the fear index, fell 6.7% to 17.80. Meanwhile, the 10-year US Treasury yield rose 0.7% to 3.445%.

The dollar index trimmed 0.5% to 101.01, while the euro gained 0.5% to $1.1049 against the greenback.

Precious metals were on the rise with gold rising 1.2% to $2,040 per ounce and silver adding 1.3% to $25.82.

Oil prices decreased more than 1%, with global benchmark Brent crude at $86.28 per barrel and US benchmark West Texas Intermediate crude at $82.34.