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  • Writer's pictureRealFacts Editorial Team

Every Major Index Reaches New Closing High Due to CPI Data Optimism

CPI in front of a government building

All three of the major American indexes rallied to new all-time closing highs on Wednesday after CPI data showed a slight cooling in inflation. Hopes are on the rise that after a few more months of data similar to April’s, the Fed can begin to cut rates. Vivien Lou Chen of MarketWatch gave the following figures:  

  • The Dow Jones finished up by 349.89 points, or 0.9%, at 39,908, based on preliminary data. It surpassed its prior record closing high of 39,807.37, reached on March 28.

  • The S&P 500 closed up by 61.47 points, or 1.2%, at 5,308,15. It finished above its prior record closing high of 5,254.35, also reached on March 28.

  • The Nasdaq Composite ended up by 231.21 points, or 1.4%, at 16,742.39 — above its prior record closing high of 16,511.18, which was hit on Tuesday

Although the Fed is nowhere near ready to begin cutting rates, the optimism that April’s CPI data infused into the market can be easily seen in the rise in the markets on Wednesday.

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