Stocks jump and oil soars to fresh multi-year highs

Stocks rose Thursday, with all three major US indices closing higher on lukewarm inflation data. Oil soared after Israel and Iran engaged in the most direct military confrontation yet between the two countries. The dollar and Treasury yields fell.

Here's the scoreboard:

Dow Jones industrial average: 24,736.24 +193.70 (+0.79%)

S&P 500: 2,721.73 +23.94 (+0.89%)

AUD/USD: 0.7536 +0.0075 (+1.01%)

ASX 200 SPI futures: 6,110.0 -0.50 (-0.01%)

1. Israeli forces carried out airstrikes on Iranian military bases in Syria overnight in what was reportedly a retaliatory attack. Israel's military said the airstrikes came after their posts near the Syrian border were targeted by 20 Iranian rockets.
2. Inflation rose less than economists expected last month. The US Labor Department said inflation rose 0.2% in April, falling short of the 0.3% that was anticipated.
3. Oil prices rose to fresh three-and-a-half-year highs on the back of airstrikes in Syria and as markets continued to poise themselves for new US sanctions on Iran. Bank of America thinks oil could soar as high as $100 a barrel.
4. A Chinese tech company has halted operations, thanks to Trump's trade crackdown. ZTE announced it's shutting down most of its operations after the Commerce Department banned sales of US-made parts to the company.
5. Goldman Sachs and Apple are launching a joint credit card. The card could launch as soon as next year, The Wall Street Journal reported.
6. Apple is approaching a valuation of $1 trillion. Shares of the company gained for the ninth straight day, rising as high as $189.56 early Thursday.
7. Earnings season rolls on. Roku reported earnings that beat analyst expectations.

Here is the upcoming economic calendar:

• European Central Bank President Mario Draghi speaks.
• Canada releases employment numbers.
• The University of Michigan's latest consumer sentiment report is out.

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