File picture shows a worker cleaning the floor of the New York Stock Exchange , US, March 20, 2020. — Reuters picWASHINGTON, May 14 — Wall Street ended sharply higher at the close of a broad rally on Thursday, bouncing back from three straight days of selling on upbeat labor market data.
Recent economic data has prompted inflation fears as scarcity of both materials and workers threatens to send prices surging in the face of a demand boom. This was evidenced by the outperformance of small caps , chips and transports, economically sensitive stocks that stand to gain as the United States emerges from the pandemic recession.
Labor Department data also showed producer prices surged last month, building on the inflation surge narrative of Wednesday’s consumer prices report. The Dow Jones Industrial Average rose 433.79 points, or 1.29 per cent, to 34,021.45, the S&P 500 gained 49.46 points, or 1.22 per cent, to 4,112.5 and the Nasdaq Composite added 93.31 points, or 0.72 per cent, to 13,124.99.
Boeing Co rose 0.8 per cent after gaining approval from US regulators for a fix of an electrical grounding issue.
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