Stock market today: Stocks eye record highs as cooler inflation revives Fed rate cut hopes

US stocks rose on Wednesday, eyeing fresh record highs as a soft reading on consumer prices fueled hopes that the Federal Reserve could cut interest rates sooner than expected. The S&P 500 rose 0.9% while the Dow Jones Industrial Average jumped about 0.6%. The tech-heavy Nasdaq Composite climbed about 1% after hitting a record close on Tuesday. All three major averages were set to close near or at all-time highs. The Consumer Price Index rose 0.3% over the previous month and 3.

According to the CME FedWatch Tool, around 70% of traders now expect at least one cut by the September meeting, a notable increase from a week ago. Stocks have ground higher amid rekindled confidence that the US economy is in good enough shape for the Federal Reserve to start bringing down rates from their current historic highs. That optimism has fueled a resurgence in bullishness in the market.

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