S&P 500 hits record high as consumer prices jump

Markets were mostly higher on Thursday.

The S&P 500 rose 0.5 percent to a record high. The Shanghai Composite also rose 0.5 percent while the Nikkei 225 rose 0.3 percent and the STOXX Europe 600 was marginally higher.

US investors shrugged off a report showing that consumer prices jumped 5 percent from a year ago in May.

Eric Wingorad, senior economist at Alliance Bernstein, said that “the details of today’s print continue to support the idea that the spike in inflation is transitory”.

Another report released in the US on Thursday showed that jobless claims for the week ended 5 June came in at 376,000, a new pandemic era low.

In Europe, the European Central Bank left interest rates and asset purchases unchanged at its monetary policy meeting on Thursday.