The S&P 500 hit a record high on Thursday as traders ignored the fastest annual consumer price rise in more than a decade.
The S&P 500 climbed 0.47% to exceed its all-time high of less than 8 points. The Dow Jones Industrial Average, meanwhile, rose 19 points, or 0.06%, and the Nasdaq Composite rose 0.78%.
|Me: DJI||MEDIUM DOW JONES||34466.24||+19.10||+ 0.06%|
|SP500||S&P 500||4239.18||+19.63||+ 0.47%|
|I: COMP||NASDAQ COMPOSITE INDEX||14020.333325||+108.58||+ 0.78%|
The consumer price index in May rose 5% per year, the highest since August 2008, according to the Ministry of Labor. Prices increased 0.6% month over month. Hot readings have tuned the Federal Reserve meeting next week.
In stocks, the shares of GameStop Corp. came under pressure after the video game retailer announced plans to sell 5 million shares. The stock was also hit by news that the US Securities and Exchange Commission has requested documents and information related to the retail frenzy that has caused increased volatility in so-called memes stocks which also include AMC. Entertainment Holdings Inc.
|AMC||AMC ENTERTAINMENT HOLDINGS INC||42.81||-6.53||-13.23%|
Elsewhere, United Airlines Holdings Inc. is in talks to buy at least 100 Boeing 737 Max, according to reports. The order could also include dozens of Airbus A321neos.
|UAL||UNITED AIRLINES PARTICIPATIONS||56.26||-0.97||-1.69%|
Online pet retailer Chewy Inc. will release quarterly results after the closing bell.
|CHWY||CHEWY INC.||79.30||+1.63||+ 2.10%|
West Texas Intermediate crude oil rose 33 cents to $ 70.29 per barrel and gold edged up $ 1 to $ 1,894.20 per ounce.
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In Europe, the German DAX 30 slipped 0.06% and the French CAC 40 lost 0.26% after the European Central Bank maintained its bond buying program and interest rates despite a recent rising inflation. The UK FTSE 100 rose 0.1%.
Asian markets ended mixed, with Hong Kong’s Hang Seng index down 0.01%, Japan’s Nikkei 225 up 0.34% and China’s Shanghai Composite down 0.54%.