US stocks were mixed on Thursday after inflation data was released, while cryptocurrency stocks rose on the approval of Bitcoin spot ETFs.
As of 9:47 a.m. ET, the Dow Jones Industrial Average was down 27.71 points, or 0.07 percent, at 37,668.02, the S&P 500 was up 1.99 points, or 0.04 percent. percent, to 4,785.44, and the Nasdaq Composite rose 30.36 points. or 0.20 percent, to 15,000.01.
A Labor Department report showed consumer prices rose more than expected in December. December's CPI reading was 3.4 percent year-on-year, up from 3.1 percent the previous month. The core inflation rate stood at 3.9 percent, down from 4.0 percent.
Cryptocurrency stocks such as Coinbase Bitfarms and Riot Platforms advanced between 5 and 11 percent.
Bitcoin soared to nearly $49,000 after the U.S. Securities and Exchange Commission approved the cryptocurrency's exchange-traded funds.
The SEC approved 11 ETFs' plans to list on major exchanges, including the New York Stock Exchange.
On Wednesday, US stocks closed higher on the back of a rally in mega-caps. The Dow Jones Industrial Average rose 170.57 points, or 0.45 percent, to 37,695.73. The S&P 500 gained 26.95 points, or 0.57 percent, to 4,783.45 and the Nasdaq Composite gained 111.94 points, or 0.75 percent, to 14,969.65.
The 10-year Treasury yield rose to 4.03 percent from 3.98 percent shortly before the inflation report was released.
European stocks rose, led by a rise in auto and technology stocks.
The pan-European STOXX 600 index was up 0.5 percent at 0921 GMT.
Britain's FTSE 100 fell 0.1 percent to 7,645.04 points. France's CAC 40 rose 0.4 percent to 7,454.72. Germany's DAX added 0.2 percent to 16,716.16.
Oil prices rose on Thursday after Iran seized an oil tanker off the coast of Oman, raising the prospect of an escalation of the conflict in the Middle East.
Brent crude futures were up $1.60, or 2.1 percent, at $78.40 a barrel by 1413 GMT and U.S. West Texas Intermediate crude futures were up $1.70, or 2.1 percent. .4 percent, to $73.07.
Gold prices halted gains on Thursday. Spot gold rose 0.1 percent to $2,024.99 an ounce, at 9:08 a.m. ET (1408 GMT). U.S. gold futures also rose 0.2 percent to $2,029.30.
In Asia, Hong Kong's Hang Seng Index rose 1.3 percent to 16,302.04. China's Shanghai Composite added 0.3 percent to 2,886.65.
Japan's Nikkei 225 gained 1.8 percent to 35,049.86.
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Posted: Jan 11, 2024, 09:57 pm IST
