Dow Jones closes up 350 points, S&P 500 at new all-time high

NEW YORK, New York - U.S. stocks closed sharply higher with the Standard and Poor's at a new all-time higher, following the latest CPI reading which came in less than expected.

The Consumer Price Index (CPI) for All Urban Consumers increased 0.3 percent in April, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted, the U.S. Bureau of Labor Statistics