S&P 500 Rises to Record, Treasuries Gain After CPI: Markets Wrap
- The consumer price index rose more than forecast in May
- Rally comes as investors bet Fed will maintain dovish stance
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U.S. equities climbed to a record and benchmark Treasury yields extended declines to the lowest since March as investors bet that the Federal Reserve will maintain its ultra-accomodative policies even after data showed consumer prices rose more than forecast last month.
The S&P 500 led the major American equity indexes higher, closing at an all-time high. The tech-heavy Nasdaq 100 rose to its highest level since late April as megacap technology stocks rallied. The 10-year Treasury yield fell to as low as 1.44% after initially surge in the wake of the inflation report.