Stocks rose Thursday as traders digested a key print on inflation, which showed consumer prices rose faster than expected as demand surged during the recovery.
The S&P 500 rose to a fresh all-time high. The Nasdaq topped 14,000 for the first time since May 3, and the Dow also increased.
The Bureau of Labor Statistics’ May consumer price index registered a faster than expected rise in inflation last month. Headline consumer prices were up by 5.0% over last year, topping Wall Street’s estimates for 4.7% and accelerating from April’s 4.2% rise. This also marked the fastest increase in the CPI since 2008. And excluding more volatile food and energy prices, the so-called core consumer price index was up 3.8%, also ramping up from the 3.0% increase from April.
Treasury yields moved higher following the report after dipping a day earlier following a more tepid than expected print on consumer price inflation out of China. After the U.S….