The index set a fourth record in a row, the 29th for this year S&P 500followed by better-than-expected US producer price data for May.
The S&P 500 gained 0.23% to 5,433.74 points, while the Nasdaq increased by 0.34% to close at 17,667.56 points. It was the fourth consecutive record close for the S&P 500 and Nasdaq on Thursday.
In contrast, the Dow Jones continues today in the same pattern: it did not close with a small loss of 0.17% at 38,647.10 points.
The US producer price index fell 0.2% from April when economists had expected an increase of 0.1%. The data came just one day after the release of the US consumer price index, which was also better than expected.
The Federal Reserve kept interest rates unchanged at Wednesday’s meeting, indicating modest progress on the inflation front. In this sense, the central bank expects only one rate cut this year, based on its new forecasts.
Broadcom stock rose 12% after the chipmaker beat expectations for second-quarter results and announced a 10-for-1 stock split.
Meanwhile, Generac and Paramount Global fell 4.6% and 6.9% respectively, with the stocks among the biggest losers in the S&P 500. Salesforce and Amazon also fell 2.9% and 1.6% respectively, placing lower pressure on the Dow.