S&P 500 books record high and Nasdaq rallies 1.1% as stock market reacts to Johnson & Johnson pause, hot CPI report

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The S&P 500 finished at a record and technology shares closed in the green Tuesday as long-term government bond yields retreated despite data showing a surge in consumer prices in March.

The S&P 500 finished at a record and technology shares closed in the green Tuesday as long-term government bond yields retreated despite data showing a surge in consumer prices in March. Investors were hit with early negative headlines after the Food and Drug Administration and the Centers for Disease Control and Prevention requested the immediate halt in the use of Johnson & Johnson's JNJ, -1.

The rate of inflation over the past year shot up to 2.6% from 1.7% in the prior month, marking the highest level since the fall of 2018. The S&P 500 closed at a record at around 4,141, about 0.3% higher, while the Nasdaq Composite Index COMP, +1.05% closed up 1.1% as technology shares scored a bounce off reteating bond yields. The 10-year Treasury note yielded 1.62% TMUBMUSD10Y, 1.

 

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