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S&P 500, Nasdaq and Dow All Hit Record Highs After Encouraging Inflation Data

S&P 500 Posts A Record Close, Ending The Session Above 5,300 For The First Time Ever.

On Wednesday, all three major stock indexes hit record highs following new data indicating that inflation eased in April after a recent rise.

The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all reached new peaks. The latest Consumer Price Index report showed a 3.4% increase in prices for the year ending in April, down slightly from the 3.5% increase recorded the previous month.

The S&P 500 advanced more than 1.2%, breaking the 5,300 mark for the first time and closing at 5,308.15. The Nasdaq rose by about 1.4%, setting a new record at 16,742.39. The Dow increased by 350 points, or 0.9%, finishing at 39,908, just under the 40,000 threshold. All three indexes are heading towards a positive week.

The cooler inflation data, along with a separate report of weak retail sales in April, has led investors to believe that the Federal Reserve is more likely to reduce interest rates this year.

Leading companies like Nvidia surged following the inflation data release, with the GPU manufacturer's shares climbing 3.6%. Tech giants Apple and Microsoft each gained over 1%.

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