The S&P 500 rallied to a record high Thursday as traders shrugged off the fastest annual increase in consumer prices in over a decade.
The S&P 500 climbed 0.47% to edge out its all-time high by less than 8 points. The Dow Jones Industrial Average, meanwhile, advanced 19 points, or 0.06%, and the Nasdaq Composite rose 0.78%.
|I:DJI||DOW JONES AVERAGES||31438.26||-62.42||-0.20%|
|I:COMP||NASDAQ COMPOSITE INDEX||11524.551373||-83.07||-0.72%|
The consumer price index in May rose 5% annually, the most since August 2008, according to the Labor Department. Prices were up 0.6% month over month. The hot readings put next week's Federal Reserve meeting in focus.
In stocks, GameStop Corp. shares were pressured after the video game retailer announced plans to sell 5 million shares. The stock was also hit by news that the U.S. Securities and Exchange Commission requested documents and information related to the retail-trading frenzy that has caused heightened volatility in so-called meme stocks that also include AMC Entertainment Holdings Inc.
|AMC||AMC ENTERTAINMENT HOLDINGS INC||14.16||+1.70||+13.65%|
Elsewhere, United Airlines Holdings Inc. is in talks to buy at least 100 Boeing 737 Max jets, according to reports. The order could also include dozens of Airbus A321neo jets.
|UAL||UNITED AIRLINES HOLDINGS INC.||37.20||-1.31||-3.40%|
Online pet product retailer Chewy Inc. will report its quarterly results after the closing bell.
West Texas Intermediate crude oil rose 33 cents to $70.29 a barrel and gold edged up $1 to $1,894.20 an ounce.
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In Europe, Germany’s DAX 30 slipped 0.06% and France’s CAC 40 lost 0.26% after the European Central Bank kept both its bond-buying program and interest rates on hold despite a recent uptick in inflation. Britain’s FTSE 100 was up 0.1%.
Asian markets ended mixed, with Hong Kong’s Hang Seng index slipping 0.01%, Japan’s Nikkei 225 rising 0.34% and China’s Shanghai Composite climbing 0.54%.