US stocks rose, while government bond yields remained below 1.5% for a second day despite a better-than-expected May inflation report, implying market participants are buying into the Federal Reserve's narrative that price increases will prove to be transitory.
The Dow Jones Industrial Average climbed by 0.4% to 34,567.40, with S&P 500 higher by 0.5% to 4,239.37 and Nasdaq up by 0.5% to 13,979.54. Healthcare and consumer staples were among the biggest gainers with all two three sectors, including financials, in the green after midday on Thursday.
The US 10-year yield slipped by 1 basis point to 1.48%. Barring Wednesday, the 10-year yield has not traded below 1.5% for the past three months.
The West Texas Intermediate futures were up by 0.4% to $70.24.