05-15-2024, 1:38 PM

Following positive inflation data, the S&P 500, Nasdaq, and Dow all reached record highs

Following the release of fresh data indicating that inflation slowed in April after recently increasing, all three major indexes jumped to all-time highs on Wednesday.

Following the release of the latest Consumer Price Index, which indicated that prices had increased 3.4% for the 12 months ended in April—a decrease from 3.5% the previous month—the Nasdaq Composite, the Dow, and the S&P 500 all closed at new record highs.

The broad-market S&P 500 closed at 5,308.15, up more than 1.2% and breaking through the 5,300 barrier for the first time. With a gain of roughly 1.4%, the Nasdaq reached a new high of 16,742.39. The Dow, on the other hand, closed at 39,908 after rising 350 points, or 0.9%, and flirting with the crucial 40,000-level. The three main indexes are headed for a positive week.

Investors surmise that the Federal Reserve will likely cut interest rates this year as a result of the lower inflation reading and a different report that shows poor retail sales in April.

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