S&P 500 Sets New Record Despite Hot Inflation Data Driven by Shelter and Gas Costs

• S&P 500 hits new record high as investors shrug off sticky inflation data • Shelter and gas indexes largely drove hotter-than-expected February inflation • Sticky shelter inflation blamed for higher core inflation readings • Energy prices rose in February, reversing months of declines • Food index rose 2.2% over the last year; held steady month-over-month