The U.S. stock market rallied to more records after data suggested inflation across the country was a touch better last month than economists expected.
The S&P 500 rose 1.1% Tuesday, beating its all-time high set two weeks ago. The Dow Jones Industrial Average added 1.1%, while the Nasdaq composite climbed 1.4% to its own record.
Stocks got a lift from hopes that the better-than-expected inflation report will give the Federal Reserve leeway to cut interest rates at its next meeting in September. Lower rates can give the economy and investment prices a boost.
On Tuesday:
The S&P 500 rose 72.31 points, or 1.1%, to 6,445.76.
The Dow Jones Industrial Average rose 483.52 points, or 1.1%, to 44,458.61.
The Nasdaq composite rose 296.50 points, or 1.4%, to 21,681.90.
The Russell 2000 index of smaller companies rose 66.27 points, or 3%, to 2,282.78.
For the week:
The S&P 500 is up 56.31 points, or 0.9%.
The Dow is up 283.00 points, or 0.6%.
The Nasdaq is up 231.88 points, or 1.1%.
The Russell 2000 is up 64.36 points, or 2.9%.
For the year:
The S&P 500 is up 564.13 points, or 9.6%.
The Dow is up 1,914.39 points, or 4.5%.
The Nasdaq is up 2,371.11 points, or 12.3%.
The Russell 2000 is up 52.62 points, or 2.4%.
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