S&P Ekes Out Another Record Close

It was a so-so day on Wall Street to cap the week. The Dow rose 13 points to 34,479, the benchmark S&P 500 ticked up 8 points to 4,247 and another record close, and the Nasdaq rose 49 points to 14,069. Technology and financial companies made some of the broadest gains, per the AP. Chipmaker Nvidia rose 2.7% and Charles Schwab rose 1.3% in afternoon trading. The gains were offset by a broad slide for health care stocks, with several companies giving investors disappointing development updates. Vertex Pharmaceuticals dropped 10.3% after telling investors it will end development of a potential treatment for a genetic condition that targets the liver. Incyte fell 5.6% as its potential eczema cream ruxolitinib faces a delayed regulatory review.

Investors were relieved to see Thursday that a much-anticipated report showed that a big rise in consumer-level inflation last month was mostly attributed to temporary factors. That could mean less pressure on the Federal Reserve to pull back on its measures supporting the economy. The Fed holds its next meeting on interest rate policy next week. “You kind of have this notion that worries about inflation from the investor base might have peaked,” said Ross Mayfield, investment strategist at Baird.

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