US STOCKS-S&P 500 brushes off rising inflation to hit record high

Reuters

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    * Meme stocks flit between gains and losses
    * Boeing gains on possible UAL order
    * Industrials lag on infrastructure bill uncertainty
    * Indexes: Dow up 0.36%, S&P up 0.43%, Nasdaq up 0.47%

 (Updates to midday)
    By Ambar Warrick
    June 10 (Reuters) - U.S. stocks rose on Thursday and the S&P
500 hit a record intraday high as investors juggled signs of a
swift economic recovery with concerns over the Federal Reserve
tapering its massive monetary stimulus.
    The Labor Department said its consumer price index increased
by a more-than-expected 0.6% last month. In the 12 months
through May, CPI accelerated at its biggest year-on-year
increase since August 2008.  urn:newsml:reuters.com:*:nL2N2NR2Q5
    The jump partly reflected the dropping of last spring's weak
readings from the calculation. These so-called base effects are
expected to level off in June.
    "The numbers were slightly more than expected, but not way
outside of the range ... I don't think this going to change the
Fed's view of keeping rates very low," said Mark Grant, chief
global strategist, B. Riley Financial.
    The S&P 500  .SPX  hit a record high of 4,249.74. But
heavyweight technology stocks were among the top performers,
indicating that investors were still sticking to sectors that
had proven reliable through the COVID-19 pandemic. 
    Focus will now be on the Fed's monetary policy meeting next
week for more clues about the central bank's stance on tapering
its massive stimulus.
    A separate report on Thursday from the Labor Department also
showed the number of Americans filing for jobless claims fell
less than expected last week.  urn:newsml:reuters.com:*:nAPN06JU0O
    At 11:39 a.m. ET, the Dow Jones Industrial Average  .DJI 
was up 123.39 points, or 0.36%, at 34,570.53 and the S&P 500
 .SPX  was up 18.18 points, or 0.43%, at 4,237.73. The Nasdaq
Composite  .IXIC  was up 65.48 points, or 0.47%, at 13,977.23.
    Upbeat comments from European Central Bank president
Christine Lagarde on transitory euro zone inflation and
improving economic trends also helped support sentiment.
 urn:newsml:reuters.com:*:nF9N2KZ02A 
    The S&P industrials sector  .SPLRCI  lagged its peers,
falling 0.2% as investors appeared to be pricing in a smaller
than hoped for infrastructure spending package. Talks over the
bill had hit a deadlock in the Senate.  urn:newsml:reuters.com:*:nL2N2NR1GX
    So-called "meme" stocks, which have dominated trading
volumes in recent weeks, were again volatile, with several
recent retail darlings including Clover Health  CLOV.O  and AMC
 AMC.N  flitting between losses and gains.  urn:newsml:reuters.com:*:nL3N2NS237
 urn:newsml:reuters.com:*:nFWN2NS0HX
    GameStop Corp  GME.N , the stock most closely associated
with the retail buying frenzy this year, fell 14.7% after the
company said it may sell new shares, and that the SEC had asked
for certain documents as part of its investigation into the
stock's rally this year.  urn:newsml:reuters.com:*:nL3N2NR3UD
    Boeing  BA.N  rose 0.8% after sources told Reuters United
Airlines  UAL.O  was in talks to place a multi-billion-dollar
order for single-aisle jets potentially split between Boeing and
Europe's Airbus  AIR.PA .  urn:newsml:reuters.com:*:nL3N2NS208
    Advancing issues outnumbered decliners by a 2.55-to-1 ratio
on the NYSE and a 2.17-to-1 ratio on the Nasdaq.
    The S&P index recorded 48 new 52-week highs and no new lows,
while the Nasdaq recorded 72 new highs and nine new lows.

 (Reporting by Ambar Warrick, Susan Mathew and Sruthi Shankar in
Bengaluru; Editing by Sagarika Jaisinghani and Maju Samuel)
 ((Ambar.Warrick@thomsonreuters.com; +91-80-6182-2837; Reuters
Messaging: ambar.warrick.thomsonreuters.com@reuters.net;
Twitter: @AmbarWarrick))

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