Specialist Michael Pistillo, left, and trader Fred's Demarco work on the floor of the New York Stock Exchange, Wednesday(local time). AP-Yonhap
NEW YORK - Major Wall Street stock indices shrugged off a surprisingly big jump in US inflation Wednesday and pushed to fresh records on artificial intelligence bullishness and hopes for ths US-China summit.
Oil prices pulled back as traders viewed the much-anticipated talks between US President Donald Trump and Chinese leader Xi Jinping as a potential route to a resolution in the US-Iran war.
"The market is waiting to see whether President Trump will be able to convince President Xi to put pressure on Iran to reopen the Strait of Hormuz...to have the restart of oil supplies to the rest of the world," said Andy Lipow of Lipow Oil Associates.
While the Dow edged lower, both the S&P 500 and Nasdaq powered to fresh records.
The Nasdaq led major US indices, piling on 1.2 percent behind big gains in most tech giants, including Google parent Alphabet and Nvidia.
The strong session on Wall Street came on the heels of a benign day in Europe and Asia, where leading bourses also advanced.
That came despite a US wholesale inflation report that greatly exceeded expectations, following Tuesday's rise in the consumer price index.
Wholesale prices rose six percent for the 12 months ending in April, according to US Department of Labor data.
Month-on-month increases greatly exceeded expectations and were at their highest level since March 2022.
Source: Korea Times News
