NEW YORK >> U.S. stocks climbed to more all-time highs Thursday as Wall Street closed its latest winning month.

The S&P 500 rose 26.51 points, or 0.5%, to 5,096.27 to top its record set last week. The Nasdaq composite led the market with a gain of 144.18, or 0.9%, to 38,996.39 and surpassed its all-time high that had stood since 2021. The Dow Jones Industrial Average finished just below its record set last week after rising 47.37 points, or 0.1%, to 38,996.39.

In the bond market, yields eased after a closely followed inflation report showed prices across the country rose pretty much as expected last month. That calmed worries that had built on Wall Street that the inflation data could show a discomforting reacceleration. Earlier reports had shown prices rose more than expected in January at both the consumer and wholesale levels.

Thursday’s report kept intact hopes that the Federal Reserve may begin cutting interest rates in June. Such a move would relax the pressure on the economy and boost investment prices, and the Fed has indicated several cuts may be coming this year.

The Fed’s main interest rate is sitting at its highest level since 2001 in hopes of grinding down inflation by dragging on the economy through more expensive mortgage and credit-card payments. Hopes for coming cuts to rates helped launch the U.S. stock market’s big rally in late October, and the S&P 500 just closed its fourth straight winning month.