NASDAQ Jumps to Record High

Stocks rose Tuesday following the release of fresh U.S. economic data, while investors waited for another key inflation report.

The Dow Jones Industrials sprang 126.14 points to 39,557.65.

The S&P 500 surged 25.17 points to 5,246.59.

The NASDAQ climbed 122.94 points to 16,511.18.

Shares of GameStop soared $18.30, or 60.1%, extending their rally from Monday, when they gained 74%. GameStop ended Tuesday at $48.75.

The producer price index reading for April came in above estimates, putting a damper on expectations that the Federal Reserve would begin cutting rates later this year as inflation weakens. The PPI gained 0.5% from April, higher than the 0.3% that economists polled by Dow Jones had anticipated.

Prices for the 10-year Treasury gained a bit of ground, pushing yields down to 4.44% from Monday’s 4.49%. Treasury prices and yields move in opposite directions.

Oil prices sank 97 cents to $78.15 U.S. a barrel.

Gold prices soared $19.20 to $2,362.20.