"S&P 500 Reaches New High as Stocks Bounce Back from CPI Decline"

The S&P 500 hit a fresh record high as stocks recovered from a disappointing retail sales report, with the Dow Jones Industrial Average rising almost 350 points and the Nasdaq Composite adding 0.3%. Despite concerns about a "soft landing" scenario for the US economy, stocks recouped losses from earlier in the week after Federal Reserve policymakers downplayed hot inflation data. Meanwhile, mortgage rates surged above 7% as the outlook for interest rates remained uncertain, and OpenAI chairman Bret Taylor exited stealth mode with his new unicorn AI startup, Sierra. Additionally, Alphabet shares fell amid worries of potential competition from OpenAI, and homebuilder confidence rose for the third consecutive month as mortgage rates declined.