Stocks marched higher Thursday after investors received data—for a second consecutive day—showing that inflation is moderating to its slowest pace in years.
The Labor Department reported the producer-price index rose in June at a weaker clip than economists expected. That followed Wednesday’s report that showed consumer inflation fell to multiyear lows.
Investors continued piling into big tech stocks, encouraged by signs that the worst of the inflation fight is over and the economy remains strong. Amazon.com jumped 2.7% on the back of its Prime Day sale, while chip-maker Nvidia added 4.7%. The 2.3% rise in the communication services segment led the S&P 500, followed by information technology.
Read the full story on The Wall Street Journal here.