All three major indexes surged to record highs Wednesday after new data showed that inflation cooled in April after ticking up recently. The S&P 500, tech-heavy Nasdaq Composite and blue-chip Dow all closed at new record highs after the latest Consumer Price Index showed that prices were up 3.4% for the 12 months ended in April, easing from 3.5% the month before. The broad-market S&P 500 gained more than 1.2% on Wednesday and cracked the 5,300-level for the first time, closing at 5,308.
New and used car prices continued to fall from record heights; but, especially in this period of high interest rates, they remain costly endeavors — not only to purchase but also to maintain. Motor vehicle insurance continued its painful rise in April, climbing 1.8% for the month and rising to 22.6% annually. Repair and maintenance costs were flat for the month but are still running well above overall inflation at 7.6% annually.
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