Stock market
Us stocks closed higher on Thursday, with the S & P 500 closing above its record high set on May 7 as economic data appeared to support the Fed's assertion that the current upsurge in inflation would be temporary. All three major US stock indexes rose, with the NASDAQ leading the way among the market-leading big stocks. But economically sensitive transport stocks and small-cap stocks closed lower. The Dow Jones Industrial average rose 19.1 points, or 0.06%, to 34466.24; the Standard & Poor's 500 Index rose 19.63 points, or 0.47%, to 4239.18; and the Nasdaq Index rose 108.58 points, or 0.78%, to 14020.33.