04:27 PM EDT, 06/12/2025 (MT Newswires) -- US benchmark equity indexes closed higher on Thursday, after a May producer prices rebound fell short of estimates.

The Nasdaq was up 0.2% to 19,662.49, while the S&P 500 increased 0.4% to 6,045.26. The Dow Jones Industrial Average gained 0.2% to 42,967.62. Among sectors, utilities headed the gainers' rally, while communication services had the steepest decline.

US Treasury yields were mostly lower, with the 10-year rate decreasing 5.7 basis points to 4.36% and the two-year rate declining 3.7 basis points to 3.91%.

July West Texas Intermediate crude oil increased 0.1% to $68.24 a barrel on Thursday.

In economic news, US producer prices rebounded less than expected in May, according to government data released Thursday.

"The downside surprise on the May consumer and producer price report continues to offer relief for a (Federal Reserve) increasingly concerned about a potential acceleration in cost pressures," Stifel said.

"Additionally at this point, this week's reports indicate the impact of tariffs thus far remains somewhat muted, along with a hesitancy by at least some companies to pass on price increases to consumers."

Weekly applications for unemployment insurance in the US remained at their highest level since October 2024, while continuing claims reached the highest point since November 2021, government data showed.

"Though inflation was tame in May and initial claims for unemployment insurance benefits have jumped in June, we don't think this alters the Fed's calculus yet," Oxford Economics said. "We're sticking with our forecast for the next rate cut to occur in December, but the Fed needs to carefully monitor whether businesses opt to lay off workers to cut costs because they're eating more of the tariffs than anticipated."

In company news, Oracle (ORCL) shares were up more than 13%, the top gainer on the S&P 500. The cloud computing company's strong fiscal fourth-quarter results and increased revenue outlook are expected to help ease worries about a potential margin pressure, UBS Securities said in a Thursday note.

Cardinal Health ( CAH ) was among the best performers on the S&P 500, up 4.5%, after the drug distributor raised its fiscal 2025 earnings guidance and provided a preliminary bottom-line outlook above market estimates at the midpoint for the following year.

Chime Financial ( CHYM ) stock surged past 37% in the company's debut on Nasdaq after the initial public offering of 32 million shares priced at $27 each.

Boeing ( BA ) shares declined 4.8%, the steepest decline on the S&P 500, after a 787-8 Dreamliner operated by Air India, bound for the UK, crashed shortly after takeoff. The plane carried 242 passengers and crew.

Gold increased 1.9% to $3,408.50 per troy ounce, while silver was up 0.5% to $36.43 per troy ounce.