S&P 500 flirts with record high, ‘meme’ rally rolls on – Reuters

CountryMiddle east

A Wall Street sign is pictured outside the New York Stock Exchange in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File Photo

Wall Street indexes kept to tight ranges on Wednesday ahead of key inflation data this week, while small-time retail investors bought into several more stocks as a social media-fueled rally continued.

While the S&P 500 was trading just below record highs, a lack of new catalysts saw it struggling to break above its last high of 4,238.04 points.

A recent rally on Wall Street – driven by strong earnings in May and growing expectations of a 2021 economic recovery – appeared to have paused this week as investors awaited more cues on U.S. monetary policy.

“The market is trying to price in the quick recovery but there is still a lot the market doesn’t know about how robust the recovery process is,” said Arthur Weise, chief investment officer of Kingsland Growth Advisors.

Buying into so-called...