Markets surged to record highs Wednesday after new data showed that inflation cooled in April after ticking up recently.
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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