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Stocks: S&P 500 jumps above 5,300, Dow rises by 350 points

The S&P 500 (^GSPC) has breached above 5,300 on a day when all three of the major indices (^DJI, ^IXIC) closed the session higher.

Market Domination Host Julie Hyman examines the day's market performance after the release of April's Consumer Price Index (CPI) inflation print, while Senior Markets Reporter Jared Blikre monitors the all-around sector gains seen today.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Luke Carberry Mogan.

Video transcript

That's the closing bell on Wall Street, and now it is market domination.

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Over time, we are joined by Jared BL to get you up to speed on the action from today's session sponsored by tasty trade.

Guess what?

Market domination is a pretty apt name today because all three major averages are closing at records.

We've got the Dow ticking up by 350 points, about 9/10 of 1%.

The S and P up by about 1.2%.

The NASA up 1.4%.

A lot of it has to do with the economic data that we got this morning, the CP I coming in a little bit lighter than had been estimated.

Retail sales bang on flat here.

So that raised some hopes that indeed, we are going to see the disinflationary trend reassert itself in the coming months that we will not see consumer demand be so hot that it's going to continue to push up prices at a re accelerated pace.

What does that mean for the Federal Reserve?

Well, it actually means that we'll get a cut or two before the end of the year, perhaps, and now all of that is pushing the 10 year down as well yields down to 4.36%.

1 of the major components of the rally in stocks today.

Jared's got a closer look at today's action.

Thank you, Julie.

Rate cut Hopes they spring eternal.

I think that's really the bottom line.

You nailed it.

Here's tech XL K up on top up over 200%.

2% there.

NASDAQ 100 Very tech heavy record closing high XL K two throw in financials And last time I looked a couple of minutes ago, it was going to be industrials too.

So everything just kind of playing a game of catch up here.

And as you can see, also all sectors in the green today And then when we look at our leaders, Bitcoin Bitcoin came roaring back starting at that 8:30 a.m. release.

Was it CP I?

Was it retail sales?

Well, Bitcoin up 7%.

After that, we have chip stocks, then software, then the momentum trade.

So, uh, lots of juicy, uh, leaders at the top There.

What did not work well today?

Well, X RT is a retail ETF.

So a couple of re retail names holding that back.

Uh, oil also didn't fare so well, cannabis and solar, but, uh, we're gonna be taking a I'm gonna be taking a deeper dive into it that closed today.

The day that was and the meme stocks in just a few minutes, Josh.