The S&P 500 closes just below its all-time closing high
U.S. stocks closed modestly higher at the end of a lazy week that was dotted with scattered market-moving catalysts and incessant concerns over inflation spikes and speculation whether the U.S. Federal Reserve would tighten its dovish policy sooner.
The Labor Department on Thursday revealed that the U.S. economic rebound is driving the biggest surge in inflation in nearly 13 years, with consumer prices rising in May by 5% from a year ago.
Markets cautiously await the Fed’s meeting before making the next big move in the week ahead. However, the Fed has repeatedly said that near-term price surges will not metastasize into lasting inflation. It’s an assertion echoed in the University of Michigan’s Consumer Sentiment report released on Friday, which showed inflation expectations easing from last month’s spike.
For the week, the Nasdaq (IXIC) gained the most among the three major indexes at 1.85%, while the other bellwether S&P 500 (GSPC) rocketed its way to a second straight record closing high with the week’s gain of 0.41%. The Dow Jones Industrial Average (DJI) however, took a moderate hit at negative 0.80%.
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