US stocks rose on Thursday, with the S&P 500 hitting a record high, as investors doubted whether a spike in May consumer prices would spur early policy tightening by the Federal Reserve.
The Labor Department said its consumer price index increased 0.6% last month after surging 0.8% in April. In the 12 months through May, CPI accelerated 5.0% in its biggest year-on-year increase since August 2008.
The jump partly reflected the dropping of last spring's weak readings from the calculation. These so-called base effects are expected to level off in June.
"The numbers were slightly more than expected, but not way outside of
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