Stocks traded slightly higher Wednesday as investors at least temporarily set aside concerns over rising inflation. Technology stocks outperformed and the Nasdaq rose, while the S&P 500 and Dow ended slightly above the flat line.

[Click here to read what’s moving markets heading into Thursday, May 27]

Investors this week have continued to contemplate prospects that higher inflation during the post-pandemic recovery will ultimately curb the extent of the rebound in economic activity and rally in stock prices. New data Tuesday showed consumer confidence dipped in April even as more social distancing standards were lifted, with the decline coming in part as consumers took note of rising price pressures. 

“I do think we’ve been in this consolidation phase, really since early April. That’s when we started a new phase in this market cycle, the first one [was]that recovery in stay-at-home stocks from March to November last year, the…

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