S&P 500 notches another record high as recovery optimism overtakes inflation concerns

SourceBusiness Insider
SectorEconomy
CountryMiddle east

The S&P 500 notched another record high to end the week as investors remain optimistic the the economy is on the way up and inflationary pressures will be short lived. “Inflation is being pushed higher on supply chain issues and pent-up consumer spending, all of which should start to ease around the end of summer,” Ed Moya, senior market analyst at foreign exchange firm Oanda, said in a note. For the week, the S&P 500 and the tech-heavy Nasdaq rose modestly, while the Dow Jones inched lower.

“The next few trading sessions will likely see modest positioning ahead of the FOMC, with investors fixating over how discussions over tapering have begun,” Moya added. While Thursday’s data showed that US inflation surged more than expected in May, weekly jobless claims fell to another pandemic-era low. Meme stocks continued their volatile ride. Overnight, shares of Orphazyme, a small Danish biotechnology company, as chatter about the stock jumped on . , meanwhile, climbed,...read more...