S&P 500 Index notches new record high above 4,240

Wall Street's main indexes opened decisively higher on Thursday.
All major S&P 500 sectors trade in the positive territory.
Annual CPI in US rose to 5% in May from 4.2% in April.

Eren Sengezer FXStreet

Major equity indexes in the US opened decisively higher on Thursday following the latest macroeconomic data releases from the US. As of writing, the Dow Jones Industrial Average was up 0.65% on the day at 34,675, the S&P 500 was up 0.57% at a new all-time high of 4,243 and the Nasdaq Composite was rising 0.7% at 13,910.

All major sectors of the S&P 500 trade in the positive territory after the opening bell with the Energy Index leading the rally, rising 1.5% on a daily basis. On the other hand, the defensive Real Estate Index underperforms, gaining only 0.15%.

Earlier in the day, the US Bureau of Labor Statistics reported that the Consumer Price Index rose to 5% on a yearly basis from 4.2%. This reading came in higher than the market expectation of 4.7% but doesn't seem to be having a negative impact on market sentiment. Additionally, the data published by the US Department of Labor revealed that the weekly Initial Jobless Claims dropped to 376,000 from 385,000.

S&P 500 chart (daily)

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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