Dow, S&P hit record highs as producer prices surge

U.S. equity markets climbed to record highs Friday after producer prices spiked by the most in more than nine years.  

The Dow Jones Industrial Average gained 297 points, or 0.89% while the S&P 500 advanced 0.77%. Both of the indexes were trading in record territory. The Nasdaq Composite, meanwhile, climbed 0.51% to exit correction territory. 

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	43820.12	-138.07	-0.31%
SP500	S&P 500	5963.3	-22.08	-0.37%
I:COMP	NASDAQ COMPOSITE INDEX	19165.347416	-65.38	-0.34%

The choppy trade comes after a report showed producer prices rose 4.2% year over year in March, the fastest since September 2011. Wall Street analysts surveyed by Refintiv were expecting a 3.8% increase. The hotter-than-expected PPI report caused traders to dump U.S. Treasurys, pushing the yield on the 10-year note up 3 basis points to 1.66%.

In stocks, Dow component Boeing Co. asked 16 customers to address a potential electrical issue related to some 737 Max jets. 

Ticker	Security	Last	Change	Change %
BA	THE BOEING CO.	138.28	-1.69	-1.20%
GS	THE GOLDMAN SACHS GROUP INC.	588.69	-5.35	-0.90%
JPM	JPMORGAN CHASE & CO.	241.28	+0.04	+0.02%

Elsewhere in the Dow, Goldman Sachs Group Inc. and JPMorgan Chase & Co. were chosen to lead the U.S. IPO for Chinese ride-hailing company Didi Chuxing, Reuters reported. Didi is expected to command a valuation of at least $100 billion, and could be the biggest Chinese IPO in the U.S. since Alibaba’s 2014 debut.

Carnival Corp., Royal Caribbean Cruises Ltd. and Norwegian Cruise Line Holdings Ltd. were in focus after Florida sued the federal government and the Centers for Disease Control and Prevention, demanding that cruise operators be allowed to resume immediately. 

Ticker	Security	Last	Change	Change %
CCL	CARNIVAL CORP.	24.63	+0.08	+0.32%
RCL	ROYAL CARIBBEAN GROUP	232.98	-1.26	-0.54%
NCLH	NORWEGIAN CRUISE LINE HOLDINGS LTD.	26.97	-0.32	-1.17%

In earnings, Levi Strauss & Co. reported quarterly profit and sales fell from a year ago, but exceed Wall Street estimates. 

Ticker	Security	Last	Change	Change %
LEVI	LEVI STRAUSS & CO.	16.76	-0.22	-1.30%

In commodities, West Texas Intermediate crude fell 28 cents to $59.32 per barrel and gold lost $13.50 to $1,743.30 an ounce.

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Overseas markets traded mixed. 

Germany's DAX 30 outperformed in Europe, advancing 0.21%, while France's CAC 40 ticked up 0.06% and Britain’s FTSE 100 slipped 0.38%. 

In Asia, Hong Kong’s Hang Seng index declined 1.07%, China’s Shanghai Composite lost 0.92% and Japan’s Nikkei 225 rose 0.2%.