The Dow Jones Industrial Average reached a new record high on Wednesday, as economically sensitive stocks gained and inflation growth slowed.
The Dow rose 179.83 points, or 0.51%, at 35,444.50 and the S&P 500 was up 3.25 points, or 0.07%, at 4,440.00 after hitting an intraday record high.
Six of the 11 major S&P sectors rose after the Labor Department said the consumer price index increased 0.5% last month after climbing 0.9% in June, with utilities, materials, and industrials being the biggest gainers among the major S&P 500 sectors.
The Nasdaq Composite, however, was down 65.40 points, or 0.44%, at 14,722.69, dragged down by Moderna Inc and heavyweight tech-heavy growth names like Applied Materials Inc, Facebook Inc, Nvidia Corp, and Amazon.
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Tech stocks were pressured by ten-year Treasury yields which climbed for the sixth straight trading session as optimism about a stronger economic reopening surged.
Equipment makers Caterpillar Inc and Deere & Co, construction materials supplier Vulcan Materials Co, and steelmaker Nucor Corp rose between 2.1% and 2.7%.
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NortonLifeLock Inc rose 8.5% after the cybersecurity company agreed to buy London-listed rival Avast for up to $8.6 billion. The price of Virgin Galactic, however, slid 14% after Morgan Stanley downgraded the stock.
In the crypto space, Coinbase rose 5.4% after the cryptocurrency exchange beat market estimates for second-quarter profit, buoyed by a near 38% jump in trading volumes.
