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The three major US stock market price indexes (i.e., the S&P 500, Nasdaq, and DJIA) rose to record highs again today. So did the Russell 2000. Leading the way higher were technology stocks. Driving stock prices higher was a report that the US and Iran have "mostly agreed" to extend their ceasefire by 60 days. The market ignored a warning from ExxonMobil that oil inventories will fall to record lows in the coming weeks, possibly pushing oil prices as high as $150 per barrel. Meanwhile, Dell's stock price soared by 39% in after-hours trading following the company's fabulous earnings momentum (FEMO) report.
The latest economic releases show that while elevated oil prices are boosting inflation, they aren't slowing the economy:
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