US stocks rose broadly on Wednesday after a fresh set of economic data strengthened the Federal Reserve’s patient stance on future rate hikes and as Boeing rose for the first time since Sunday’s deadly crash of a 737 MAX 8 jet in Ethiopia.
U.S. producer prices barely rose in February, resulting in the smallest annual increase in more than 1-1/2 years, in the latest sign of benign inflation.
“Producer price index is a key signal for the Fed in gauging whether or not to raise rates, so this should add some wind to the sails of those looking for a more dovish Fed,” said Mike Loewengart, vice-president of investment strategy at E*Trade Financial in New York.