Wall Street stocks ended higher on Thursday, with the S&P 500 closing above its prior record high set on May 7, as economic data appeared to support the Federal Reserve’s assertion that the current wave of heightened inflation will be temporary.
All three major U.S. stock indexes advanced, with market-leading megacap stocks putting the Nasdaq out front. But economically sensitive transports and smallcaps ended the session in negative territory.
The Labor Department’s consumer price index (CPI) data came in above consensus and added fodder to the debate over whether current price spikes could transform into long-term inflation, despite the Fed’s assurances to the c…
Keep on reading: S&P 500 closes at all-time high as long-term inflation jitters fade