NEW YORK, July 15 — The S&P 500 ended with a gain after briefly hitting an intra-day record in a choppy session on Wednesday, as investors balanced worries about inflation with reassuring comments from Fed Chair Jerome Powell.
Powell’s comments followed data this week showing US producer prices increased more than expected in June and US consumer prices rose by the most in 13 years. The S&P 500 is up about 16 per cent so far this year, leading many investors to worry that the stock market rally may run out of steam, and they are looking to earnings to potentially provide more fuel.
Microsoft added 0.5 per cent and closed at a record high after saying it will offer its Windows operating system as a cloud-based service, aiming to make it easier to access business apps that need Windows from a broader range of devices. Those reports followed strong results on Tuesday from JPMorgan Chase & Co and Goldman Sachs Group Inc.
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