Stocks close with gains, led by Dow as investors look for rate insight

NEW YORK, March 27 - U.S. stocks were higher on Wednesday, with the Dow leading gains and the S&P 500 setting a closing record, paced drugmaker Merck, while investors looked towards the next piece of inflation data and Federal Reserve commentary for signals on the rate path.

The Fed kept its projections for three rate cuts this year intact at its policy meeting last week, which central bank officials have largely stood by this week in comments. "The real challenge for Fed officials has been massaging and guiding market expectations when they swing too far in one direction or another."

Traders see a 70.4% chance the Fed will begin its easing cycle in June, according to the CME FedWatch Tool, opens new tab. On the down side, GameStop , opens new tab, plunged 15.03% after the videogame retailer reported lower fourth-quarter revenue and said it had cut an unspecified number of jobs to reduce costs.

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