Stocks Ended Higher on Easing Inflation Concerns

U.S. stocks ended higher on Thursday, as tepid inflation data eased worries of faster interest rate hikes this year. The Dow Jones Industrial Average rose 196.99 points, or 0.80%, to 24,739.53. The S&P 500 gained 25.28 points, or 0.94%, to 2,723.07. The Nasdaq Composite added 65.07 points, or 0.89%, to 7,404.97.

Oil prices gave up earlier weakness Thursday to settle with a modest gain, as calmer heads prevailed in the wake of the U.S. decision to exit the Iran nuclear pact. June West Texas Intermediate crude oil tacked on 22 cents, or 0.3%, to settle at $71.36 a barrel. July Brent crude added 26 cents, or 0.3%, to $77.47 a barrel.

The federal government swung to a surplus of $214.3 billion in April, primarily reflecting the revenue from that month’s annual tax filing deadline. The Treasury Department reported Thursday that last month’s surplus increased 17.4 percent from a year ago.

Goldman Sachs Group Inc. will issue Apple Inc.’s new co-brand credit card, according to a person familiar with the matter, as the investment bank deepens its push into consumer finance.