S&P Hits New High Amid Inflation Concerns & Policy Shifts
The S&P 500 reached a closing high despite mixed performance on Wall Street. A surge in producer prices raised inflation concerns and impacted interest rate cut expectations. Other major news includes Costco halting mifepristone sales, increased GLP-1 drug usage, and legal rulings affecting NFL arbitration and foreign aid funding.
Wall Street's S&P 500 index achieved a new closing high amid mixed market performance, highlighted by flat trends in the Dow Jones and Nasdaq. This development emerged as a weekly Labor Department report spotlighted a notable uptick in producer prices, igniting concerns over potential inflation and impacting interest rate cut forecasts.
In other news, Costco announced it will cease selling the abortion pill mifepristone across its U.S. pharmacies, attributing the decision to low demand. Additionally, recent findings revealed that over 25% of U.S. adults with diabetes have used GLP-1 drugs, enhancing treatment outcomes while being marketed differently for weight loss.
Legal and governmental sectors also witnessed significant actions, including a federal appeals court's ruling against NFL's arbitration process for racial bias claims and President Trump's success in altering foreign aid structures. The day closed with various industry and regulatory shifts reflecting broader societal and economic trends.
(With inputs from agencies.)
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