New York, New York – The surge in inflation on Thursday couldn’t scare off investors because they focused on US equities.
Standard and Poor’s 500 hit record highs.
The Labor Department said Wednesday that consumer prices rose 5% last month. This was the highest annual inflation rate in nearly 13 years.
“As long as we have cheap money, we have a surplus of savings both in Asia and in the West. I think we have good support for stocks, ”said Jane Foley, head of currency strategy at Rabobank. The Wall Street Journal reported this on Thursday.
“I don’t think there will be a really serious recession,” he said.
At the close on Thursday, the Standard and Poor’s 500 hit a record 4,239.18, up 19.63 points (0.47%) that day.
The 30th Dow Jones Industrial Averages index added 19.10 points, or 0.06%, to 34,466.24 points.
The Nasdaq Composite Index rose 108.58 points (0.78%) to 14,020.33 points.
Despite the inflation data, the US dollar fell slightly on Thursday. The euro rose marginally to 1.2172. The pound sterling rose to 1.4172. The Japanese yen rose slightly to 109.35. The Swiss franc closed at 0.8949.
The Canadian dollar climbed to 1.2092. The Australian dollar rose slightly to 0.7754. The New Zealand dollar was up nearly a quarter of a cent to 0.7198.
Stocks in the UK and Europe were unchanged. The London FTSE 100 is up 0.10%. German Dax fell 0.06 percent. CAC 40 from Paris fell 0.26%.
In the Asian market In Japan, the Nikkei 225 rose 97.76 points (0.34%) to 28,958.56.
The Hong Kong Hang Seng Index fell 3.72 points (0.01%) to 28,738.88 points.
China’s Shanghai Composite Index rose 17.19 points (0.48%) to 3608.59 points.
The Australia-wide normal rose 36.80 points or 0.49 percent to 7,558.80.
Standard and Poor’s 500 closes at historic highs
Standard and Poor’s 500 Source Link Closes at Historic Highs