US stocks close at record highs on tech boost

US stocks ended Wednesday’s session at fresh record highs, although the Dow lagged behind, as investor enthusiasm for technology shares outweighed concerns over mounting inflationary pressures.

At the close, the Dow Jones Industrial Average fell 0.14%, or 67 points, to 49,693.

The broader S&P 500 gained 0.58%, or 43 points, to 7,444, while the Nasdaq Composite jumped 1.2%, or 314 points, to 26,402, with both indexes posting record closing highs.

In Europe, the STOXX Europe 600 index rose 0.79% to 611 points, recouping most of the previous session’s 1% decline.

Britain’s FTSE 100 advanced 0.58% to 10,325 points, Germany’s DAX gained 0.76% to 24,136 points, and France’s CAC 40 added 0.35% to 8,007 points.

In Japan, the Nikkei 225 closed up 0.84% at 63,272 points, while the broader Topix index climbed 1.2% to 3,919 points.

Brent crude futures for July delivery fell 1.99%, or $2.14, to settle at $105.63 a barrel.

US WTI crude futures for June delivery declined 1.14%, or $1.16, to $101.02 a barrel, after rising as high as $103.67 during the session.

Gold futures for June delivery rose 0.42%, or $20, to settle at $4,706.70 an ounce.

Lower oil prices and strong performance by technology shares on Wall Street supported investor sentiment, even as US producer price inflation accelerated to its highest level in nearly four years, intensifying concerns that the Federal Reserve could raise interest rates further.