Traders work on the floor of The New York Stock Exchange
Traders work on the floor of The New York Stock Exchange.
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  • Major US indexes opened higher Thursday after data showed inflation continued to heat up in May.
  • Jobless claims fells to 376,000, the fifth straight week of notching a new pandemic-era low for the reading.
  • Annual inflation jumped to 5%, higher than expectations of 4.6%.
  • See more stories on Insider's business page.

US stocks were up Thursday as investors assessed a bigger-than-expected climb in consumer prices and figures showing claims by Americans for unemployment benefits reached their lowest since the start of the coronavirus outbreak. New claims last week clocked in at 376,000.

The Dow Jones Industrial Average gained ground, putting it on track to break a string of three consecutive losses.

The moves took place after the Labor Department said consumer prices in May rose 0.6%, which was higher than expectations of a 0.5% reading. The inflation rate jumped to 5% year over year, outstripping expectations of 4.6%.

Here's where US indexes stood at 9:30 a.m. on Thursday:

"The 10-yr Treasury yield is back at levels last seen in early March, signaling that the bond market is falling in line with the Fed's thinking that inflation is transitory and does not warrant tapering of monetary stimulus any time soon. There is also some short-covering among those that were rooting for a 2% on 10-year," said Anu Gaggar, senior global investment analyst for Commonwealth Financial Network, in a note.

Gold rose 0.2% to $1,891.29 per ounce. Long-dated US Treasury yields rose, with the 10-year yield up at 1.521%.

Oil prices rose, with West Texas Intermediate crude up by 0.5% at $70.28 per barrel.

Bitcoin tacked on 0.7% to trade at $37,564.

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