The Charging Bull or Wall Street Bull is pictured in the Manhattan borough of New York City, New York, US, January 16, 2019. — Reuters picMAY 10 — The Dow Jones Industrial Average hit a record high today on hopes that interest rates would remain lower for longer, while the S&P 500 was subdued as a slide in technology shares offset a surge in commodity-linked energy and material stocks.
“A lot of the inflation fears are overdone,” said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. “There is a big difference between commodity price and inflation at the consumer level. It generally takes a gigantic increase in prices of raw materials to even have a tiny effect on consumer price index.”
“Markets are certainly priced to perfection here. We’re likely to see some back and forth,” Brown added. Cybersecurity firm FireEye rose 3.3 per cent as industry sources said the company was among those helping Colonial Pipeline to recover from one of the most disruptive digital ransom schemes reported.