NEW YORK—Wall Street’s winning streak barreled into a fourth day Thursday following the latest signal that inflation is easing its chokehold on the economy.
The S&P 500 rose 37.88, or 0.8 percent, to 4,510.04 and its highest close since April 2022. The Dow Jones Industrial Average rose 47.71, or 0.1 percent, to 34,395.14, and the Nasdaq composite rallied 219.61, or 1.6 percent, to 14,138.57 as Big Tech stocks led the way.
The S&P 500 is on track for its seventh winning week in the last nine after more data raised hopes that inflation is cooling enough to get the Federal Reserve to soon end its blistering run of hikes to interest rates. Inflation at the wholesale level slowed more than expected in June, and prices paid by producers were just 0.1 percent higher during the month than a year earlier. That’s down from 11.2 percent inflation last summer….