Stocks shook off earlier losses on Thursday to rise to record closing highs, as investors took into account more mixed economic data and considered the likelihood of more government spending on infrastructure.
The S&P 500 gained 0.3% to post a record closing high, with the healthcare and information technology sectors leading the way higher. The Dow also logged a record close, and the Nasdaq Composite gained for the first time in three sessions. The moves came after a new report on weekly jobless claims met estimates, while a separate print on producer price increases came in hotter than expected.
Heading into the session, one of the latest sources of fuel for equities came after the Labor Department’s monthly consumer price index showed that prices rose in-line with expectations in July, gaining 0.5% month-on-month to decelerate from June’s gain. Prices for used cars and trucks and airline tickets slowed markedly, underscoring the