Stocks finished higher on Wall Street Tuesday, nudging the S&P 500 closer to the record high it reached last week. The benchmark index added 0.5%. The Nasdaq did a bit better, climbing 0.8%, with an assist from gains in several big technology stocks. Markets were relatively calm through the Congressional testimony of Federal Reserve Chair Jerome Powell, who said he expects recent increases in inflation to subside soon. Consumer prices jumped 5% in May compared with a year earlier, the largest increase in 13 years. The yield on the 10-year Treasury note dipped to 1.47%. The S&P 500 rose 21.65 points to 4,246.44. The Dow Jones Industrial Average rose 68.61 points, or 0.2%, to 33,945.58. The Nasdaq rose 111.79 points, or 0.8%, to 14,253.27.
In his remarks Tuesday, Powell said again that the Fed sees inflation accelerating, but it expects the burst to be only temporary. Prices have leaped for everything from used cars to restaurant meals as a rebounding economy gets hemmed in by shortages of supplies in some areas. Trading is likely to get bumpier through the summer as economic reports may give sometimes conflicting signals about inflation and other key data amid a recovering economy, says Katie Nixon, chief investment officer at Northern Trust Wealth Management. “What investors are going to have to do is just buckle up,” she tells the AP. "The data is going to be very noisy; we could get some numbers that create some anxiety." The key, she said, is to stay calm and not overreact to any one signal or piece of data.
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