US stocks: S&P 500 leaps to highest close in 14 months

The S&P 500 and Nasdaq closed at their highest levels in 14 months due to economic data that indicates the end of the US Federal Reserves' aggressive interest-rate hike campaign. Retail sales increased in May, inflation eased, and jobless claims remained steady throughout the week ending on June 10. Investors are optimistic that the Fed may only increase rates by a total of 0.5%, rather than the two predicted hikes.