Stock Market News: Dow and S&P 500 Hit Closing Highs

Metal prices were mixed in early trading, with gold making small gains as the market remains nervous ahead of key U.S. inflation data.

Gold futures were up 2% at $2,216.5 a troy ounce. Personal consumption expenditure data—the Federal Reserve's preferred inflation metric—are set for release on Friday. Meanwhile, a stable dollar and lower U.S. Treasury yields further helped the yellow metal to trade higher Thursday morning, ING analysts said in a note.

There are mixed views in the market regarding the U.S. interest rate cuts planned for the year—Chicago Mercantile Exchange data show that swap markets have now trimmed the probability of a rate cut in June to 60%, from 69% late last week, ING said.