NEW YORK, June 25 — The S&P 500 index hit a record high today, boosted by gains in Nike and bank stocks, while weaker-than-expected inflation data eased worries about a sudden tapering in stimulus by the Federal Reserve.
The data “provided support to the Fed’s argument that inflation is transitory and will help allay fears that we are witnessing runaway inflation,” said Anu Gaggar, senior global investment analyst at Commonwealth Financial Network. Eight of the 11 major S&P sectors rose in early trading, with financials and materials among the biggest gainer.
FedEx Corp dropped 4.9 per cent after the US delivery firm missed 2022 earnings forecast due to hiring difficulties. Rival United Parcel Service Inc also fell 0.6 per cent.
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