“It’s clear that investors expect inflation to rise in the near term, but the long-term view is rather benign,” said Katie Nixon, chief investment officer at Northern Trust Wealth Management.

The S&P 500 gained 23.37 points to 3,898.81. The Dow Jones gained 464.28 points, or 1.5%, to 32,297.02, thanks in part to a 6.4% jump from Boeing. The previous Dow Jones record was about two weeks ago.

The Nasdaq slipped 4.99 points, or less than 0.1%, to 13,068.83. The index was 1.6% higher at the start. It jumped 3.7% on Tuesday and is now about 7.3% below the all-time high reached on February 12.

Traders also made an offer of shares in smaller companies, extending the Russell 2000’s winning streak to a fourth day. The index gained 40.62 points, or 1.8%, to 2,285.68.

The Labor Department said Wednesday that consumer prices in the United States rose 0.4% in February, the largest increase in six months. However, a closely watched measure called core inflation, which excludes food and energy prices, posted a much smaller gain of 0.1%. The rise in core inflation was also lower than economists’ expectations.

The latest inflation report, along with the Federal Reserve’s promise to keep interest rates low, helped allay concerns about the recent rise in bond yields, Nixon said.

“Investors think this is not a bad backdrop for risky assets,” she said.

Markets have benefited from the calm in bond trading in recent days. The yield on the 10-year Treasury bill fell to 1.52% on Wednesday. It hit 1.60% at the end of last week, leading to a sell off in shares.

Investors are also betting that the last $ 1.9 trillion in government stimulus will help lift the U.S. economy out of its coronavirus-induced malaise. The House on Wednesday approved the broad pandemic contingency plan against the Republican opposition, sending it to President Joe Biden for enactment. The package would deliver checks of $ 1,400 to most Americans and billions of dollars direct to schools, state and local governments, and businesses.

Banks were among the biggest winners. JPMorgan rose 2.2%, Bank of America 2.9% and Citigroup 3.9%. Over 75% of S&P 500 companies posted gains.

Tech stocks have lagged the broader market. Apple fell 0.9% and Microsoft slipped 0.6%

General Electric fell 5.4% for the biggest decline in the S&P 500 after the company said it would end its GE Capital financing business and merge its jet leasing business with Ireland-based AerCap .

Video game company Roblox jumped 54.4% when it debuted on the stock market. The company allows users to play online games created by others on the platform.