Stock Market Today: Stocks Gain Ground as Dow, S&P 500 Hit New Highs
Traders shrugged off a higher-than-expected reading on inflation to power two of the three major indices to record closes.
![Concept art of a stock chart](https://cdn.mos.cms.futurecdn.net/EHhA55TwV8miYqfRn64euK-415-80.jpg)
Stocks climbed higher today, even as this morning's producer price index (PPI) showed the threat of rising inflation is all too real.
A report from the U.S. Labor Department indicated producer prices rose 1.0% in March, up from 0.5% in February. On a yearly basis, wholesale inflation jumped to 4.2% – its highest reading since September 2011.
"The annual rate of PPI inflation is benefiting from strong base effects given last year's weakness at the onset of the pandemic," says Blerina Uruci, senior U.S. economist at Barclays. "But momentum in monthly increases over the past three months has also been robust, pointing at... upside risks to near-term consumer prices as demand comes back online and supply-chain bottlenecks emerge."
![https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-200-80.png](https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-320-80.png)
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The data didn't shake bulls, though, with the Dow gaining 0.9% to 33,800.60 – a new high – on strength in UnitedHealth (UNH, +3.1%) and Honeywell (HON, +3.2%). The S&P 500 hit a high of its own, adding 0.8% to 4,128.80, while the Nasdaq climbed 0.5% to 13,900.19. All three indices nabbed weekly wins, the third straight for the Dow and S&P.
Other action in the stock market today:
- U.S. crude oil futures fell 28 cents, or 0.5%, to settle at $59.32 per barrel.
- Gold futures gave back $13.40, or 0.8%, to end at $1,744.80 an ounce.
- Amazon.com (AMZN) rose 2.2% to 3,372.20, after employees at its plant in Bessemer, Alabama, voted against unionizing.
- Bitcoin prices tacked on 1.1% to $58,385.80. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.)
A quiet day for small caps in an otherwise big year
While blue chips spent the entire day in the green, the small-cap Russell 2000 didn't find positive territory until the final minutes of trading, ending fractionally higher at 2,243.47. The index has soundly outperformed its larger-cap counterparts in 2021, up 13.6% year-to-date.
"The U.S. economy is currently trending toward high-single-digit GDP growth in 2021 as COVID-19 vaccine distribution expands and we gradually emerge from the pandemic," says Lule Demmissie, president of Ally Invest. "That environment favors small-cap names, which tend to have a more domestic focus than larger multinational firms."
Here, we call out 7 of analysts' most-loved small-cap stocks that offer compelling valuation and appear poised for impressive growth.
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Try the 6 to 1 Grocery Shopping Method to Save Time and Money
The 6 to 1 Grocery Method can help you save money, reduce waste and eat healthier.
By Erin Bendig Published
-
Ford Stock Plunges on Earnings Miss: What to Know
Ford stock is down big Thursday after the automaker fell short of earnings expectations for its second quarter. Here's what you need to know.
By Joey Solitro Published
-
Stock Market Today: Stocks Tumble on Disappointing Big Tech Earnings
Poorly received quarterly results from Alphabet and Tesla sparked a steep selloff in equities.
By Dan Burrows Last updated
-
Stock Market Today: Mega-Cap Tech Rallies to Drag Markets Higher
Markets focused on upcoming earnings from Magnificent 7 stocks rather than chaos in D.C.
By Dan Burrows Published
-
Stock Market Today: Stocks Tumble After Spectacular Global Internet Crash
Market participants rushed out of risk assets to end a wild week of trading.
By Dan Burrows Published
-
Stock Market Today: Dow Sinks 533 Points as Big Banks, Mega Caps Slump
Goldman Sachs and Apple were two of the worst-performing blue chip stocks on Thursday.
By Karee Venema Published
-
Stock Market Today: Semis Get Slammed and Blue Chips Bounce
The potential for more curbs on tech sales to China set off a rotation into blue chips.
By Dan Burrows Published
-
Stock Market Today: Dow Spikes 742 Points After UnitedHealth Earnings
The S&P 500 and Nasdaq also scored wins Tuesday albeit with much smaller gains than the blue chip Dow.
By Karee Venema Published
-
Is UnitedHealth Group Stock a Buy After Earnings?
UnitedHealth Group stock is higher Tuesday after the insurance giant beat expectations for its second quarter. Here's what you need to know.
By Joey Solitro Published
-
Stock Market Today: Dow Adds 210 Points as Apple, Goldman Hit New Highs
A big rally in blue chips and some dovish Fed speak boosted the equities market Monday.
By Karee Venema Published