US stocks climbed to record highs for the fourth straight session after data showed inflation fell to 3.3 per cent in May, raising expectations of early interest rate cuts.
The S&P 500 closed 0.2 per cent higher on Thursday, despite 60 per cent of stocks in the benchmark index declining on the day. The tech-focused Nasdaq Composite rose 0.4 per cent, as four Magnificent Seven stocks rose.
The S&P 500 most recently had a four-day winning streak earlier this month, but it was the Nadsaq’s first such streak since late March.
The steady gains in US equities pushed Wall Street’s Vix index — the so-called “fear gauge” — to its lowest level in three weeks.
Small-cap stocks performed worse, with the Russell 2000 falling 0.9 per cent.
Treasuries prices rose, pushing down yields. The yield on the two-year note was down 0.05 percentage points to 4.70 per cent, while the yield on the 10-year note fell 0.05 percentage points on the to 4.25 per cent.
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