The Globe and Mail reports in its Thursday edition that the S&P 500 and Nasdaq rose on Wednesday, driven by artificial intelligence tech shares, despite stronger-than-expected U.S. inflation data and indications that the Federal Reserve will maintain restrictive monetary policy. A Reuters dispatch to The Globe reports that the S&P 500 and the Nasdaq reversed earlier declines to notch fresh record closing highs. The TSX, however, closed well in negative territory, with financial stocks under pressure. A Labour Department report showed U.S. producer prices surged by 1.4 per cent in April, the largest jump in four years. This spike was due to crude supply disruptions from the Iran war, with rising oil prices affecting more sectors of the economy and adding to widespread inflation. Recent inflation data are dousing any remaining hopes for a near-term rate cut from the Fed. The Dow Jones Industrial Average fell 67.36 points, or 0.14 per cent, to 49,693.20, the S&P 500 gained 43.29 points, or 0.58 per cent, to 7,444.25 and the Nasdaq Composite gained 314.14 points, or 1.20 per cent, to 26,402.34. The Toronto Stock Exchange's S&P/TSX Composite index ended down 249.30 points, or 0.7 per cent, at 34,041.43.