Stocks scoot higher on low inflation numbers, but Boeing sinks after fatal Air India disaster

• Stocks climbed modestly higher on Thursday as two days of low inflation readings and the conclusion of a round of talks between the U.S. and China cheered investors. Boeing plunged after the Air India crash. A 30-year Treasuries auction showed investors still want long-term U.S. debt, deficit fears notwithstanding.

Investors cheered two days of positive inflation data that sent stocks modestly higher Thursday. The S&P 500 gained 0.38%. The Dow and the Nasdaq each rose 0.24%. Boeing, however, ended the day down nearly 5% after its Dreamliner 787-8 jet was involved in a tragic plane crash that claimed the lives of more than 200 people.

The U.S. and China concluded trade talks in London earlier this week that are poised to restore trade in critical minerals to the U.S. These rare earths are used in advanced manufacturing of items like electronics and batteries.

Recent government data was also encouraging, showing that tariff-induced inflation economists have warned about for months has yet to materialize. On Thursday, the producer price index showed wholesale inflation coming in cooler than expected, a day after the consumer price index was similarly positive on consumer prices, showing inflation at a 2.4% annual rate.

“For the second day in a row, inflation data came in lower than expected, and this gives the Fed room to sit on their hands,” said Chris Zaccarelli, chief investment officer for Northlight Asset Management. “As long as inflation isn’t increasing—or even better, is decreasing—the Fed can be patient and wait for more information on how the new tariffs and trade negotiations are going to impact the price stability part of their dual mandate later this year.”

Bond yields fell. A closely watched auction of 30-year Treasuries Thursday was awarded at 4.844%, Bloomberg reported, quelling fears that investors were starting to boycott U.S. bonds.

The dollar continued to lose ground against a basket of currencies. So far this year, the greenback has lost about 9% of its value, and is trading at its lowest level in more than three years.

GameStop fell 23% after announcing it planned to raise $1.75 billion from investors by issuing convertible bonds. Boeing lost 4.8% after the fatal crash of an Air India Dreamliner in Ahmedabad, India, that killed 241 people.

This story was originally featured on Fortune.com