S&P 500 hits record | May inflation report sizzles | Meme stocks hit a wall

After a month of trading sideways, the S&P 500 finally hit a record Thursday as investors brushed off a hot inflation report and set aside their worries.

VIEW IN BROWSER | SUBSCRIBE THU, JUN 10, 2021 EVENING BRIEF AS OF THU, JUN 10, 2021 • 04:53 ET DJIA 34466.24 +0.06% +19.10 S&P 500 4239.18 +0.47% +19.63 NASDAQ 14020.33 +0.78% +108.58   Most Active DOW NAME LAST CHG %CHG AAPL 126.11 -1.02 -0.80% INTC 57.38 +0.38 +0.67% MSFT 257.24 +3.65 +1.44% S&P 500 NAME LAST CHG %CHG F 15.11 -0.37 -2.39% AAPL 126.11 -1.02 -0.80% GE 13.63 -0.10 -0.73% NASDAQ NAME LAST CHG %CHG AAPL 126.11 -1.02 -0.80% AMD 81.56 +1.60 +2.00% INTC 57.38 +0.38 +0.67%   EDITOR'S NOTE After a month of trading sideways, the S&P 500 finally hit a record Thursday as investors brushed off a hot inflation report and set aside their worries.   The broad equity benchmark climbed nearly 0.5% to a record closing high of 4,239.18. The S&P 500 also hit an intraday record of 4,249.74, overtaking its May 7 high after the market traded sideways for a month. The Dow Jones Industrial Average advanced about 20 points to 34,466.24, while the Nasdaq Composite gained close to 0.8%. Consumer prices for May accelerated at their fastest pace since the summer of 2008 amid the economic recovery from the Covid pandemic-triggered recession, the Labor Department reported Thursday. The consumer price index rose 5% from a year ago, hotter than an estimate of 4.7% from economists surveyed by Dow Jones.   "I think there were a lot of people who held back, who wanted to see the hotter inflation number," CNBC's Jim Cramer said on "Squawk on the Street." "Now they've said, 'OK, now that's over with. Let's do some buying.' Because they've been on the sideline and they want to get in."   On Thursday, the meme stock mania fizzled a bit with AMC Entertainment, GameStop, Clover Health and Clean Energy Fuels all suffering double-digit losses.   If the January trading hysteria is any guide, it's not surprising that these latest rallies are turning out to be short-lived. A CNBC PRO analysis available exclusively to subscribers found that on average, Reddit stocks' runs lasted nine trading days from the start to their first big drop during the initial frenzy at the beginning of 2021. Yun Li | CNBC Markets and Investing Reporter @YunLi626 TOP NEWS  S&P 500 climbs to a new record close, shrugging off inflation fears Meme stocks hit a wall on Thursday with GameStop, AMC and Clover down big Consumer prices jump 5% in May, fastest pace since the summer of 2008 CDC says heart inflammation was higher than expected in 16- to 24-year-olds after second Covid vaccine shot, but still rare Homeowners got $2 trillion richer during the first three months of the year The credit card wars are heating up again as Citigroup takes on JPMorgan with new 5% cash-back card Goldman Sachs is making US employees report their vaccination status ahead of return to offices U.S. budget deficit for fiscal 2021 so far tops $2 trillion Amazon relaxes return-to-work plans, will let employees work remotely two days a week Treasury says tax gap to balloon to $7 trillion over next decade, calls for beefed-up IRS   TOP VIDEO Two bitcoin bulls make the case for cryptocurrency   CNBC PRO Goldman tells clients to get the best of both worlds with these growth stocks at a reasonable price   SPECIAL REPORTS Many wealthy Americans escape big income tax bills. Here's how they do it Here's who would be helped the most from student loan forgiveness   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS