U.S. stocks closed higher following a surprisingly encouraging update on inflation.
The S&P 500 rose 0.9 percent Wednesday, closing at another record high, after the Federal Reserve also gave reassurance that it still sees a cut to interest rates as likely this year. The Nasdaq composite rose 1.5 percent, also beating the all-time high it set a day earlier. The Dow Jones Industrial Average lagged the market and slipped 0.1 percent.
Treasury yields tumbled in the bond market after the report in the morning showed a slowdown in inflation in consumer prices during May. The yield on the 10-year Treasury note fell to 4.33 percent.
On Wednesday:
The S&P 500 rose 45.71 points, or 0.9 percent, to 5,421.03.
The Dow Jones Industrial Average fell 35.21 points, or 0.1 percent, to 38,712.21.
The Nasdaq composite rose 264.89 points, or 1.5 percent, to 17,608.44.
The Russell 2000 index of smaller companies rose 32.75 points, or 1.6 percent, to 2,057.10.
For the week:
The S&P 500 is up 74.04 points, or 1.4 percent.
The Dow is down 86.78 points, or 0.2 percent.
The Nasdaq is up 475.31 points, or 2.8 percent.
The Russell 2000 is up 30.55 points, or 1.5 percent.
For the year:
The S&P 500 is up 651.20 points, or 13.7 percent.
The Dow is up 1,022.67 points, or 2.7 percent.
The Nasdaq is up 2,597.08 points, or 17.3 percent.
The Russell 2000 is down 30.03 points, or 1.5 percent.
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