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S&P 500 hits record high as Wall Street brushes off higher inflation data

Meme stocks flit between gains and losses; Boeing gains on possible UAL order

wall street, market, stocks
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Reuters
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

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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