Stocks moved decidedly higher as Nvidia Corp. led a rally in chipmakers, with traders awaiting key inflation data and a slew of Federal Reserve speakers.
After struggling for direction in the first hour of Wall Street trading, the S&P 500 extended its advance above 5,000. Defying concerns about an overstretched market, equities kept climbing on data showing the economy remains fairly resilient and a trend of disinflation will allow the Fed to start cutting rates. A report showing a drop in US consumer expectations for inflation over the medium term to the lowest level since at least 2013 also bolstered sentiment.