NEW YORK — Stocks ended higher on Wall Street, sending the Nasdaq composite to another record. The S&P 500 rose 0.5%, and is sitting just shy of its own all-time high. The Dow Jones Industrial Average added 0.3%. The Nasdaq composite climbed 0.8%. Several “meme” stocks raced higher including GameStop and AMC Entertainment in an echo of the social-media driven frenzy of three years ago. Treasury yields edged lower in the bond market following a mixed report on wholesale inflation.
An update on inflation showed that prices remain stubbornly high at the wholesale level, before many price changes are passed along to consumers. The latest producer price index showed that inflation rose sharply in April. The report also included a revision lower for the March reading. The report is the first of two big inflation updates this week that are being closely watched by Wall Street.
The bigger test for markets comes Wednesday, when the U.S. releases its monthly update on consumer prices, or inflation faced by households. Economists expect the consumer price index to ease to 3.4% in April on year-over-year basis. The rate of inflation has been ticking higher in 2024, raising concerns that the Fed could have a hard time taming inflation to the central bank's goal of 2%.
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