Dow briefly hits intraday record high before retreating Thursday as market weighs hotter-than-expected PPI report

U.S. stocks struggled for direction early Thursday, with the Dow briefly hitting an intraday record at the start of trade, and the S&P 500 and Nasdaq Composite trading under pressure as investors parsed data on wholesale inflation and a weekly jobs report. The Dow was down less than 0.1% at 35,469, but had established an intraday all-time high at 35,510.77, the S&P 500 index was trading 0.1% lower at 4,442, while the Nasdaq Composite Index was down 0.1% at 14,746. The producer-price index, or PPI, a measure of the prices businesses receive for their goods and services, rose for the sixth month in a row, undermining a report on consumer prices that had suggested that pricing pressures may be moderating somewhat.PPI jumped 1% last month, the government said Thursday, hotter than the 0.6% increase that economists polled by The Wall Street Journal had forecast. PPI over the past 12 months moved up to 7.8% for July from 7.3% in the prior month. Consumer-price index data on Wednesday showed a 0.5% climb on a month-over-month basis, but was down from 0.9% in June and matched the expectations of economists surveyed by The Wall Street Journal. Meanwhile, initial jobless claims dropped by 12,000 to 375,000 in the week ended Aug. 7, the government said Thursday. That matched the forecast of economists polled by The Wall Street Journal, a sister publication of MarketWatch. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Dow briefly hits intraday record high before retreating Thursday as market weighs hotter-than-expected PPI report
U.S. stocks struggled for direction early Thursday, with the Dow briefly hitting an intraday record at the start of trade, and the S&P 500 and Nasdaq Composite trading under pressure as investors parsed data on wholesale inflation and a weekly jobs report. The Dow was down less than 0.1% at 35,469, but had established an intraday all-time high at 35,510.77, the S&P 500 index was trading 0.1% lower at 4,442, while the Nasdaq Composite Index was down 0.1% at 14,746. The producer-price index, or PPI, a measure of the prices businesses receive for their goods and services, rose for the sixth month in a row, undermining a report on consumer prices that had suggested that pricing pressures may be moderating somewhat.PPI jumped 1% last month, the government said Thursday, hotter than the 0.6% increase that economists polled by The Wall Street Journal had forecast. PPI over the past 12 months moved up to 7.8% for July from 7.3% in the prior month. Consumer-price index data on Wednesday showed a 0.5% climb on a month-over-month basis, but was down from 0.9% in June and matched the expectations of economists surveyed by The Wall Street Journal. Meanwhile, initial jobless claims dropped by 12,000 to 375,000 in the week ended Aug. 7, the government said Thursday. That matched the forecast of economists polled by The Wall Street Journal, a sister publication of MarketWatch. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.