7th Heaven For S&P 500, Nasdaq As Stocks Soar Into CPI
The S&P 500 and Nasdaq closed at session highs today to make it seven straight wins, with both indexes also logging their sixth and seventh-straight record close, respectively. The former is now on its best win streak since October, while the tech-heavy latter got a boost from resurgent chip stocks.
The Dow followed suit with a triple-digit pop of its own, surging into the close at session highs for its best single-day gain since May 31. All eyes now turn to tomorrow morning, when June's consumer price index (CPI) will shape price action to end the week.
OIL PRICES BOUNCE BACK
Crude prices snapped a three-day skid today, gathering strength from a weekly decline in U.S. crude inventories for the second week running. August-dated West Intermediate (WTI) crude added 69 cents, or 0.9%, to settle at $82.10 per barrel.
Gold prices rose in anticipation of potentially encouraging CPI data tomorrow. August-dated gold added 0.7% to settle at $2,384.80 an ounce for the day.
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