Wall Street closed slightly higher after a report showed inflation is making strides toward easing, even if it remains too high.
The S&P 500 rose 0.4% Wednesday after swinging between gains and losses throughout the day. The Dow ended just barely lower, while the Nasdaq composite gained ground.
Bond prices climbed after the highly anticipated report said inflation at the consumer level slowed last month. That pushed investors to bolster bets that the Federal Reserve will stop hiking interest rates in June and give the economy some breathing room. Gains for tech stocks and others that benefit from easing rates did the heaviest lifting.
On Wednesday:
The S&P 500 rose 18.47 points, or 0.4%, to 4,137.64.
The Dow Jones Industrial Average fell 30.48 points, or 0.1%, to 33,531.33.
The Nasdaq composite rose 126.89 points, or 1% to 12,306.44.
The Russell 2000 index of smaller companies rose 9.83 points, or 0.6%, to 1,759.51.
For the week:
The S&P 500 is up 1.39 points, or less than 0.1%.
The Dow is down 143.05 points, or 0.4%.
The Nasdaq is up 71.03 points, or 0.6%.
The Russell 2000 is down 0.37 points, or less than 0.1%.
For the year:
The S&P 500 is up 298.14 points, or 7.8%.
The Dow is up 384.08 points, or 1.2%.
The Nasdaq is up 1,839.96 points, or 17.6%.
The Russell 2000 is down 1.73, or 0.1%.
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