The S&P 500 rose to an all-time high on Thursday as investors shrugged off a key inflation report that showed a bigger-than-expected increase in price pressures.

The broad equity benchmark climbed nearly 0.5% to a record closing high of 4,239.18. The S&P 500 also hit an intraday record of 4,249.74, overtaking its May 7 high after the market traded sideways for a month. 

Consumer prices for May accelerated at their fastest pace since the summer of 2008 amid the economic recovery from the pandemic-triggered recession, the Labor Department reported Thursday.

The consumer price index, which represents a basket including food, energy, groceries and prices across a spectrum of goods, rose 5% from a year ago. Economists surveyed by Dow Jones had been expecting a gain of 4.7%.
 

To subscribe to real time signal, email to us at futures.coin@gmail.com for details. Sign up today for June subscription.
 

U.S. stock futures were flat early Friday morning after the S&P 500 hit a new high during regular trading, despite hotter-than-expected inflation data.

The Nasdaq Composite ended the day up 0.78% at 14,020.33.

Separately, initial jobless claims for the week ended June 5 came in at 376,000 — the lowest tally of the Covid pandemic — according to a separate Labor Department report released Thursday.

To subscribe to real time signal, email to us at futures.coin@gmail.com for details. Sign up today for June subscription.