S&P 500 hits new closing high, investors disregard rising inflation

June 10 (UPI) — U.S. markets rose Thursday, with the S&P 500 reaching a new closing high as investors disregarded a report signaling rising inflation.

The S&P 500 climbed 0.47% to a closing record of 4,239.18, after hitting an intraday record of 4,249.4974 earlier in the day. The Dow Jones Industrial Average rose 19.10 points, or 0.055%, while the Nasdaq Composite gained 0.77%.

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Eli Lilly stock rose 3.34% to an all-time high to help propel the S&P higher, while the Dow got a boost from Walgreens, which rose 3.52% and a 2.84% gain by Merck.

GameStop stock fell 27% after the company announced former Amazon CEO Matt Furlong as its next CEO.

Investors largely shrugged off a report from the Bureau of Labor Statistics which found the core interest inflation rate over the past 12 months skyrocketed 3.8% while the consumer price index has risen 5%, its fastest rate since 2008.

“This CPI isn’t likely to change the narrative dramatically and there are still indications that inflation momentum is set to abate in the coming months,” said Adam Crisafulli, founder of Vital Knowledge, in a note Thursday.

Thursday also saw unemployment claims decrease slightly for the sixth consecutive week, with the Labor Department reporting a total 376,000 claims, a decrease of 9,000 from the week prior.