S&P 500 makes new record high.

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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.

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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.

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Retail sales remained flat in April. Economists anticipated a 0.4% jump.


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