By Connor Smith

The stock market continued to grind higher in Thursday afternoon trading as the S&P 500 moved another step closer to its Feb. 19 record close.

The market benchmark was up 0.3%, just about 1.7% below its highest close on record of 6144.15. The Nasdaq Composite was up 0.3%. The Dow was up 68 points, or 0.2%.

The Dow specifically was lagging due to Boeing, which subtracted more than 56 points off the index with its 5% decline, but gains from UnitedHealth and Microsoft helped offset that slide.

If inflation was the big hurdle for the week, the stock market cleared it. The consumer price index and producer price index for May were tame despite worries that tariffs would send prices spiking. While that could still happen, such a blow has yet to materialize.

Now the focus will turn back to President Trump's trade negotiations, though next week's Federal Open Market Committee will be worth watching for how central bankers view the latest resilient economic data. In the meantime, though, the path of least resistance for the stock market is still higher.

Write to Connor Smith at connor.smith@barrons.com

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June 12, 2025 14:32 ET (18:32 GMT)

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