S&P 500 Sets Record Close as Tech Rally Overcomes Inflation Worries
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The S&P 500 jumped 1.1% to a record close on Tuesday, led by a rallying tech sector. Oracle shares surged nearly 12% on strong earnings and an AI-related announcement with Nvidia.
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Inflation data showed consumer prices climbed more than expected in February, adding to doubts about potential Fed rate cuts. But it did not derail the market's gains.
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Oracle benefited from AI demand, while ServiceNow and Nvidia also rose on optimism about artificial intelligence tech.
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Airline stocks plunged, with Southwest down nearly 15%, as carriers warned that issues like aircraft delivery delays and fuel costs could impact financial results.
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3M shares gained 5% after naming a new CEO, while ADM jumped almost 4% after addressing accounting probe issues.