Stocks rose on Thursday, with the S&P 500 finally climbing to a fresh record high, as market participants shook off higher-than-expected consumer prices for May and looked ahead on better outlooks for U.S. economic recovery. The Nasdaq also topped 14,000 for the first time in over a month, while the Dow Jones rose modestly higher.
Here's how the market settled on Thursday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
CDC says heart inflammation was higher than expected in young adults after second COVID shot:
The Centers for Disease Control and Prevention (CDC) on Thursday stated that there have been a higher-than-expected number of cases of heart inflammation in 16- to 24-year-olds after receiving their second dose of either the Pfizer
Here's how the market opening shortly after the bell:
S&P 500 Index: +0.40% or +16.35 points to 4,235.90
Dow Jones Industrial Average: +0.60% or +204.26 points to 34,651.40
Nasdaq Composite Index: +0.05% or +6.81 points to 13,921.62
Consumer prices rose by the most since 2008 in May:
Consumer prices rose faster than expected in May, with the Bureau of Labor Statistics' consumer price index (CPI) increasing 0.6% month-on-month and 5.0% year-on-year in May, with the latter rising by the most since 2008. Excluding food and energy prices, core CPI was up 3.8%, marking the biggest jump since 1992.
Greatly attributing to the CPI increase was used cars and trucks prices, with prices for these goods adding to April increases. The index for used cars and trucks was up 7.3% in May over April. Elsewhere, the food index rose 0.4% to match its April month-on-month rise. Fuel oil also gained 2.1%.
Jobless claims fall for sixth straight week to new pandemic-era low:
Weekly jobless claims fell to a new pandemic-era low for a six straight week for the period ended June 5 at 376,000, the Labor Department reported, down from the previous week's print of 385,000 but above consensus economist expectations for 370,000.
However, continuing jobless claims came in below estimates, totaling 3.499 million during the week ended May 29. This fell from 3.757 million from the prior week, and was below the 3.665 million expected.