The Dow, meanwhile, jumped nearly 200 points.
The S&P 500 hit a new record high for the first time in more than a month Thursday as economic data pointed to improvements in the ongoing pandemic recovery, sparking renewed bullishness among investors. Consumer prices rose 0.6% between April and May and 5% over the 12 months ending in May—the highest annual rate in 13 years and more than economists were expecting. “Whilst it is true that the pandemic’s economic disruption has radically changed consumers’ spending patterns around the world, raising concerns around increased inflation, these levels are what we would expect and represent a short-term trend that will correct over time,” Oliver Wright, a global consumer goods and services lead at Accenture, said of the report.
