PXD - Yields Again on the Run Stocks Enjoy Traction

Stocks rose on Wednesday as investors shook off fresh inflation data and cheered a large merger in the energy space. Treasury yields continued to retreat from the 16-year highs reached last week.

The Dow Jones Industrials picked 76.7 points, to kick off Wednesday at 33,816, putting it on track for its fourth straight day of gains.

The S&P 500 index gained 7.78 points to 4,366.02.

The NASDAQ index prospered 57.16 points to 13,620.

Earlier Wednesday, Exxon Mobil agreed to buy shale driller Pioneer Natural Resources in an all-stock transaction worth $59.5 billion, the largest merger announced on Wall Street this year. Pioneer shares were up 1%, while Exxon was down by about 3%.

The producer price index rose 0.5% for September, coming out higher than the Dow Jones estimate for a 0.3% rise. While slightly higher than what economists expected, the September figure still represented a slowing from the 0.7% producer prices increase in the prior month.

Minutes from the Federal Reserve's latest meeting due in the afternoon will offer further insight into the central bank's hiking cycle after it chose to skip an interest rate increase last month.

Prices for the 10-year Treasury gained ground, lowering yields to 4.60% from Tuesday's 4.65%. Treasury prices and yields move in opposite directions.

Oil prices handed back $1.27 to $84.70 U.S. a barrel.

Gold prices added $9.40 to $1,874.70.