Stocks increased on Wednesday as traders ignored recent inflation data and applauded a significant merger in the oil sector. The 16-year highs set last week by Treasury rates have since started to decline.
The Dow Jones Industrial Average increased 44 points, or 0.1%, putting it on track to post gains for a fourth straight day. The Nasdaq Composite traded 0.3% higher while the S&P 500 increased by less than 0.1%.
The producer price index increased by 0.5% in September, above the Dow Jones forecast of a 0.3% increase. Even though it was slightly higher than economists had anticipated, the September data still showed a slowdown from the 0.7% rise in producer prices in the preceding month.