US Stocks Open Higher, Treasury Yields Recover Amid Rising Inflation

US stocks opened higher on Thursday, while Treasury yields gained after inflation data came higher than market estimates.

The yield on the 10-year US Treasury note recovered from its lowest level in three months by rising 1.8% to 1.516% at 9.37 a.m. EDT (1337GMT).

The surge came after consumer prices rose 5% in May from the same month a year ago, marking its largest 12-month increase since August 2008, according to the Labor Department.

While rising inflation may bring the Federal Reserve signal next Wednesday a rate hike before 2023, investors have maintained their strong risk appetite.

The Dow Jones soared 285, or 0.8%, to 34,732 as IBM shares climbed to their highest in a year with $152.80.

The S&P 500 added 28 points to 4,247 with electric carmaker Tesla adding 1.7%. The Nasdaq increased by 88, or 0.6%, to 14,000.

Oil majors ExxonMobil, Chevron and ConocoPhillips each added over 2% as oil prices gained almost 1%. Brent crude was at $72.84 per barrel at the time, while the US' West Texas Intermediate was at $70.56. -