NEW YORK, May 13 (Xinhua) -- U.S. stocks ended mixed on Wednesday as investors balanced strong technology sector performances against data showing a significant acceleration in producer prices and soaring energy costs.
The S&P 500 climbed 43.29 points, or 0.58 percent, to a new all-time high of 7,444.25, while the Nasdaq Composite Index increased 314.14 points, or 1.2 percent, to a fresh record of 26,402.34. Conversely, the Dow Jones Industrial Average fell 67.36 points, or 0.14 percent, to 49,693.2.
Performance was divided among the 11 primary S&P 500 sectors, with six finishing in the green. Communication services and technology led the gainers, advancing 2.65 percent and 0.98 percent, respectively. In contrast, the utilities and financial sectors led the laggards, dropping 1.26 percent and 1.07 percent.
Reports from the U.S. Bureau of Labor Statistics highlighted deepening inflationary trends. The Producer Price Index for final demand surged 1.4 percent in April, the largest monthly advance since March 2022. On an unadjusted basis, the index rose 6 percent over the 12 months ended in April. This followed Tuesday's Consumer Price Index report, which showed annual inflation hitting a three-year high of 3.8 percent, driven largely by a 28.4 percent annual spike in gasoline prices.
In a pivotal development for U.S. monetary policy, the U.S. Senate on Wednesday voted 54-45 to confirm Kevin Warsh as the next chairman of the Federal Reserve. Warsh is set to succeed current Fed Chair Jerome Powell -- whose term concludes on Friday -- and is expected to lead his first policy-setting meeting on June 16-17.
In corporate news, the quarterly earnings season boosted several major companies. Cisco Systems and Alibaba both exceeded analyst expectations for revenue and earnings per share, supporting the rally in tech-heavy indices. Alibaba rallied 8.18 percent. However, footwear company Birkenstock was down nearly 13 percent after missing expectations on both revenue and profit.
The energy sector continued to react to geopolitical instability in the Middle East, which has seen West Texas Intermediate crude settle above 100 U.S. dollars a barrel. The sustained rise in energy costs remains a primary concern for both consumers and policymakers as the Federal Reserve transitions to new leadership.
