Stocks closed higher on Wall Street Wednesday after the latest report of surging prices appeared to keep the Federal Reserve on track to raise interest rates later this year.
The S&P 500, the Dow Jones Industrial Average and the Nasdaq rose. Technology stocks led the market higher. Inflation jumped 7% last month, its fastest year-over-year pace in nearly four decades, but in line with economists’ forecasts. Fed Chair Jerome Powell told Congress Tuesday the Fed stands ready to raise rates to fight inflation.
The S&P 500 rose 13.28 points, or 0.3%, to 4,726.35.
The Dow Jones Industrial Average rose 38.30 points, or 0.1%, to 36,290.32.
The Nasdaq rose 34.94 points, or 0.2%, to 15,188.39.
The Russell 2000 index of smaller companies fell 17.95 points, or 0.8%, to 2,176.06.
For the week:
The S&P 500 is up 49.32 points, or 1.1%.
The Dow is up 58.66 points, or 0.2%.
The Nasdaq is up 252.49 points, or 1.7%.
The Russell 2000 is down 3.75 points, or 0.2%.
For the year:
The S&P 500 is down 39.83 points, or 0.8%.
The Dow is down 47.98 points, or 0.1%.
The Nasdaq is down 456.58 points, or 2.9%.
The Russell 2000 is down 69.26 points, or 3.1%.