S&P 500 hits record high as traders sidestep hotter-than-expected-inflation reading
stocksadvanced Thursday, pushing the S&P 500 to a record high.
- Investors pushed past a hotter-than-expected May
inflationprint of 5%.
- Stocks also found support as fewer Americans filed for jobless claims last week.
The S&P 500 climbed to a record high Thursday in a winning session for US stocks as investors appeared to embrace the Federal Reserve's signals that hot inflation readings will be temporary and that it will stick with economic support measures.The broad-market index soared to a record high just under 4,240 and the
Here's where US indexes stood at 4 p.m. on Thursday:
- S&P 500: 4,239.33, up 0.47%
- Dow Jones Industrial Average: 34,465.77, up 0.05% (18.63 points)
- Nasdaq Composite: 14,020.33, up 0.78%
"It is perhaps testament to how effective the Fed's adjustment in communication has been recently since today's [inflation] reading would likely have caused a very different reaction if it had come before the gentle shift in tone that has reassured investors about the responsiveness of Fed policy," said Chris Beauchamp, chief market analyst at IG, in a note.Around the
Gold rose 0.4% to $1,895.38 per ounce. Long-dated US Treasury yields turned lower, with the 10-year yield down at 1.465% to its lowest since early March.
Oil prices rose, with West Texas Intermediate crude up by 0.5% at $70.28 per barrel. Brent crude, oil's international benchmark, was up 0.3%, at $72.42 per barrel.Bitcoin climbed 4% to $38,000 before paring gains to trade around $36,665.80.
- Here’s how to recharge your Reliance Jio on WhatsApp
- India may classify Bitcoin as an asset class, but that may not solve the underlying problem
- Facebook rolls out new chat themes and payment options in Messenger app for US users
- Dodla Dairy's ₹520 crore IPO isn't to expand into new markets but to strengthen its foothold where it already exists
- Sun TV Network's advertising revenue shrinks, but profit jumps 11% on subscriptions