Wall Street Rises After Inflation Data and S&P 500 Hits Record High

The main indices of the New York Stock Exchange (NYSE) rose on Thursday in early trades, despite today’s data showing a surge in inflation to its highest level since 2008, with the S&P 500 index hitting a new record high.

Wall Street investors are awaiting whether the 5% rise in consumer prices could lead to a change in the U.S. Federal Reserve’s easing policies sooner than expected.

It remains likely that the Fed will not rush into a change in its current policy and the historically low interest rates, as it expects the surge inflation to be temporary.

The Dow Jones Industrial Average is up by about 55 points, or 0.16%, at 34,494.3 points.

The S&P 500 rose by 8.59 points, or 0.20%, to 4,227.28 points, after hitting a new record high earlier in the session above  4,246 points.

Meanwhile, the Nasdaq Composite Index increased by 24.57 points, or 0.18%, to 13,932.79 points.