Dow, S&P 500 Hit New Highs as Inflation Eases

Stocks closed mostly higher on Wall Street Wednesday, marking more records for the S&P 500 and the Dow Jones Industrial Average. Weakness in some technology stocks helped pull the Nasdaq composite slightly lower. The S&P 500 climbed 0.2% and the Dow added 0.6%. Investors got some better news on inflation when the Labor Department reported that consumer prices rose 0.5% from June to July, down from the previous monthly increase of 0.9%. Energy prices rose, sending the price of benchmark US crude oil up 1.4%. The yield on the 10-year Treasury note slipped to 1.33%. The S&P 500 rose 10.95 points, or to 4,447.70. The Dow Jones Industrial Average rose 220.30 points, or 0.6%, to 35,484.97. The Nasdaq fell 22.95 points, or 0.2%, to 14,765.14.

Year over year, consumer prices have increased a substantial 5.4%, though most of the rise in consumer prices has been tied to very specific goods that are not expected to impact the long-term health of the economy, like used cars, building materials, and hotel rooms, the AP reports. Investors had a mix of earnings and corporate news to review. Coinbase, a platform where traders can buy and sell digital currencies like Bitcoin, rose 2.8% after reporting strong growth in the last quarter. Weight-loss program operator WW International plunged 25.5% after reporting disappointing second-quarter financial results, while hamburger chain Wendy's rose 2.9% after raising its profit forecast for the year and increasing its dividend. Online auction and retail giant eBay will report its results after the closing bell Wednesday.