Producers of metals and other raw materials inched higher as optimism over deal activity offset the implications of the latest inflation data.
U.S. wholesale prices jumped 0.5% in April, far exceeding the average economist expectation of 0.3%, in another sign of sticky inflation. Fed Chairman Jerome Powell said he expected inflation to continue heading lower but that he was less confident than he had previously been about that outlook, leaving the Fed unable to say whether or when it might be able to lower interest rates.
Anglo American plans to spin off various businesses as a strategic alternative to the BHP Group acquisition bid it turned down. Shares of BHP rose sharply.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-14-24 1751ET
