Stocks logged notable gains today, as Wall Street eyed a very hot consumer price index (CPI) reading and just shrugged. In fact, the consumer price index rose at its fastest level since the summer of 2008. Experts are speculating that today's reading will be just a drop in the bucket and that this momentum will eventually even out as the economy returns to its pre-pandemic normalcy.

With most investors able to shake off some of this week's inflation anxieties, the S&P 500 notched a record intraday and closing high, as well as a notable percentage gain. The Dow and Nasdaq also maintained sizable wins for most of the session, with the former settling with a 20-point pop. While there's still volatility among "meme" stocks -- the majority of which plummeted on Thursday -- Wall Street's "fear gauge," the CBOE Volatility Index (VIX), fell to its lowest settlement since February 2020. 

The Dow Jones Average (DJI - 34,466.24) added 19.1 points or 0.1% for the day. Walgreens Boots Alliance (WBA) led the Dow components with a 3.5% rise, while Caterpillar (CAT) paced the laggards, falling 3.8%.

Meanwhile, the S&P 500 Index (SPX - 4,239.18) added 19.6 points or 0.5% for the day. The Nasdaq Composite (IXIC - 14,020.33) added 108.6 points, or 0.8% for the day.

Lastly, the Cboe Volatility Index (VIX - 16.10) dropped 1.8 points or 10.1%.

OIL INCHES HIGHER DESPITE EASING OF SANCTIONS ON IRAN

Oil prices rose again, notching another two-and-a-half-year high, bolstered by yesterday's decline in U.S. crude inventories. Putting some pressure on prices, however, was news that the Biden administration lifted sanctions imposed on several Iranian energy companies and officials. July-dated crude added 33 cents, or 0.5%, to settle at $70.29 per barrel.

Rising inflation gave gold prices a boost, and the precious metal tacked on another daily win, as the 10-year Treasury yield tumbled and the U.S. dollar remained static. August-dated gold added 90 cents, or almost 0.1%, to settle at $1,896.40 an ounce for the day.