Dow Jones jumps 300 points, S&P 500 hits record high
U.S. stocks continued to show strength on Friday as the S&P 500 notched a new record high and the Dow opened higher following the latest inflation data.
The S&P 500 rose 0.3% at the open, surpassing its previous all-time high, with the benchmark index hitting 6,156.80. Previously, on February 19, 2025, the S&P 500 touched an intraday high of 6,147.43.
Meanwhile, the Dow Jones Industrial Average traded 300 points higher at open, while the Nasdaq Composite opened 0.5% up, looking to end the week on a positive note.
This stock market rally comes amid investor focus on the release of new data showing core inflation rose slightly in May.
The personal consumption expenditures price index, which is the Federal Reserve’s primary inflation gauge, increased to a seasonally adjusted 0.1% for May.
This puts the annual U.S. inflation rate at 2.3%. The core PCE inflation reading, which excludes food and energy, stood at 0.2% for the month and 2.7% year-over-year, slightly above economists’ estimates of 0.1% and 2.6%, respectively.
Despite this, stocks remain strong and are looking to extend their positive run. A thawing of tensions in the Middle East and recent announcements around tariffs have helped ease some market fears.
In addition to the S&P 500, Bitcoin (BTC) is also eyeing a move to a new all-time high. The top cryptocurrency is hovering around $107,000 after a notable recovery this week.
Investors will be watching for the Federal Reserve’s next move, with growing optimism that the central bank may decide to lower interest rates at its July meeting.
Also worth noting: the White House said on Thursday that President Donald Trump’s July deadlines for tariff implementation in several countries are “not critical.”
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