Live news: US stocks hit record high on cooling inflation data

News Room

US stocks climbed to record highs for the fourth straight session after data showed inflation fell to 3.3 per cent in May, raising expectations of early interest rate cuts.

The S&P 500 closed 0.2 per cent higher on Thursday, despite 60 per cent of stocks in the benchmark index declining on the day. The tech-focused Nasdaq Composite rose 0.4 per cent, as four Magnificent Seven stocks rose.

The S&P 500 most recently had a four-day winning streak earlier this month, but it was the Nadsaq’s first such streak since late March.

The steady gains in US equities pushed Wall Street’s Vix index — the so-called “fear gauge” — to its lowest level in three weeks.

Small-cap stocks performed worse, with the Russell 2000 falling 0.9 per cent.

Treasuries prices rose, pushing down yields. The yield on the two-year note was down 0.05 percentage points to 4.70 per cent, while the yield on the 10-year note fell 0.05 percentage points on the to 4.25 per cent.

Read the full article here

Share this Article
Leave a comment