U.S. stocks drifted higher following another encouraging update on inflation.
The S&P 500 added 0.4 percent Thursday and is sitting less than 2 percent below its record. The Dow Jones Industrial Average rose 0.2 percent, and the Nasdaq composite rose 0.2 percent.
Treasury yields fell again in the bond market after an update on inflation at the wholesale level came in better than expected, while a report on joblessness was slightly worse than forecast. That raised expectations for the Federal Reserve to begin cutting interest rates later this year. Oracle helped lift the stock market following its better-than-expected profit report and forecast for upcoming growth.
On Thursday:
The S&P 500 rose 23.02 points, or 0.4 percent, to 6,045.26.
The Dow Jones Industrial Average rose 101.85 points, or 0.2 percent, to 42,967.62.
The Nasdaq composite rose 46.61 points, or 0.2 percent, to 19,662.48.
The Russell 2000 index of smaller companies fell 8.14 points, or 0.4 percent, to 2,140.09.
For the week:
The S&P 500 is up 44.90 points, or 0.7 percent.
The Dow is up 204.75 points, or 0.5 percent.
The Nasdaq is up 132.53 points, or 0.7 percent.
The Russell 2000 is up 7.85 points, or 0.4 percent.
For the year:
The S&P 500 is up 163.63 points, or 2.8 percent.
The Dow is up 423.40 points, or 1 percent.
The Nasdaq is up 351.69 points, or 1.8 percent.
The Russell 2000 is down 90.06 points, or 4 percent.
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