The S&P 500
and Nasdaq Composite
popped to record highs Wednesday and added to their strong 2024 performances. The major averages were boosted by a lighter-than-expected U.S. consumer inflation report.
The broad market index gained 1.17%, breaking above 5,300 for the first time, to end at 5,308.15. The tech-heavy Nasdaq Composite rose 1.40%, to close at 16,742.39. The Dow Jones Industrial Average
climbed 349.89 points, or 0.88%, ending at 39,908.00.
All three major averages closed at records. Year to date, this is the 23rd record close for the S&P 500, the 18th for the Dow and the eighth for the Nasdaq.
The consumer price index rose 0.3% for the month of April, less than the Dow Jones estimate for a 0.4% monthly increase. The gauge increased 3.4% year over year, in line with expectations. Monthly and yearly numbers for core CPI, which excludes volatile food and energy prices, were both in line as well.
Retail sales remained flat in April. Economists anticipated a 0.4% jump.
www.cnbc.com/2024/05/14/stock-market-today-live-updates.html