Stocks rose on Wall Street on Tuesday, pushing the Nasdaq composite to another record and leaving the Standard & Poor's 500 sitting just shy of its own all-time high. The late gains closed out a mostly wobbly day of trading as investors reviewed a mixed report on inflation and await an even more important inflation update Wednesday. Stocks have been generally gaining ground in May after a dismal April. The S&P 500 index rose 25.26 points, or 0.5%, to 5,246.68. It is sitting about 0.
releases its monthly update on consumer prices, or inflation faced by households. Economists expect the consumer price index to ease to 3.4% in April on a year-over-year basis. The rate of inflation has been ticking higher in 2024, raising concerns that the Fed could have a hard time taming inflation to the central bank's goal of 2%. Investors have been curtailing their expectations for the speed and frequency of interest rate cuts this year as inflation remains hotter than expected.
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