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S & P 500 closes at record highs as long-term inflation jitter weakens By Reuters

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© Reuters. File Photo: Asahi falls on the façade of the New York Stock Exchange (NYSE) building on January 28, 2021, after a trading session begins on Thursday in Manhattan, NY, USA. REUTERS / Mike Segar / File Photo

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Steven culp

(Reuters)-Wall Street shares closed high on Thursday, surpassing the record high set on May 7.

All three major US stock indexes have risen, with market-leading megacap stocks pushing the Nasdaq to the fore. However, economically sensitive transportation and small caps ended the session in the negative territory.

The Ministry of Labor’s Consumer Price Index (CPI) data surpasses consensus, stimulating debate about whether current price spikes could turn into long-term inflation, despite the Fed’s opposition guarantees. Added.

However, a closer look reveals that many of the price increases are due to items such as goods and airfares, and are therefore likely to be temporary.

Ryan Detrick, Senior Market Strategist at LPL Financial (NASDAQ :) in Charlotte, North Carolina, said: “But after people looked underwater, most of the higher inflation was due to resumption, and stocks showed a backlash from bailouts.”

“The market is taking a big step forward because we know the economy as a whole isn’t overheating,” Detrick added.

The U.S. House of Representatives has passed a $ 547 billion infrastructure spending bill for ground transportation, adopting some of President Joe Biden’s proposals as part of a broader $ 2.3 trillion infrastructure package. ..

Still, sectors that are in a position to benefit from infrastructure investment ended their sessions lower. Industry and transportation decreased by 0.5% and 0.7%, respectively.

It increased by 19.1 points (0.06%) to 34,466.24. The S & P 500 was 4,239.18, up 19.63 points, or 0.47%. And at 14,020.33, 108.58 points were added, or 0.78%.

Of the 11 major sectors of the S & P 500, healthcare enjoyed the largest increase.

However, interest rate-sensitive finance fell the most, down 1.1% as US Treasury yield easing weighed heavily on the sector.

GameStop Co., Ltd. (NYSE :), the stock most closely associated with the social media-led “meme stock” phenomenon, fell 27.2% after video game retailers said they could sell new stock.

Clover Health Investments Corporation, AMC Entertainment (NYSE :) Holdings, Bed bath & beyond ink (NASDAQ :) and GEO Group also slid, losing 8% to 19%.

Pfizer Inc (NYSE :) rose 2.2% on news that the United States will pay pharmaceutical companies about $ 3.5 billion for 500 million COVID-19 vaccinations and donate to 100 lowest-income countries.

The ongoing problem outweighs the decline on the New York Stock Exchange by a ratio of 1.25: 1. On the Nasdaq, a 1.13 to 1 ratio favored the Advancer.

The S & P 500 recorded 58 new 52-week highs and no new lows. The Nasdaq Composite recorded 102 new highs and 14 new lows.

Volume on the US exchange was 10.64 billion shares, compared to an average of 10.67 billion shares over the last 20 trading days.



S & P 500 closes at record highs as long-term inflation jitter weakens By Reuters

https://www.investing.com/news/economy/futures-hold-steady-ahead-of-inflation-data-2528587 S & P 500 closes at record highs as long-term inflation jitter weakens By Reuters

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