S&P 500 Hits New Record High Despite Inflation Surge

Stocks sent the S&P 500 index to a record high Thursday morning even after government data showed the fastest rate of inflation in more than a decade.

The S&P opened 0.7 percent higher Thursday, hitting 4,249 just an hour following a Labor Department report showing a 5 percent annual increase in consumer prices last month. The Dow Jones Industrial Average rose roughly 0.7 percent, and the Nasdaq gained 0.8 percent.

Inflation data for May showed prices rising slightly higher than economists had expected. Even so, much of the jump in prices was driven by supply constraints that many economists believe will be temporary.

Read more at The Hill.

{Matzav.com}