Stock Market Today: S&P 500 closes above 5,600 for first time; inflation data eyed

Investing.com-- The S&P 500 closed above 5,600 for the first time Wednesday, led by tech and ongoing hopes for sooner rate as Fed Chair Jerome Powell delivered his second-day of testimony before Congress, a day ahead of fresh inflation data.Apple is aiming to ship 10% more new iPhone in 2024 compared with last year on expectations that AI-enabled iPhones would help spur demand, Bloomberg reported, citing unnamed sources.

The Fed chief, however, reiterated remarks from a day earlier, saying that"getting inflation down" wasn't the only risk and central bank needs to "be mindful of where the labor market is.”Economists expect CPI rose 0.1% month-over-month advance and a 3.1% year-on-year gain. Core CPI, which excludes energy and food prices, is expected to have risen 0.2% month over month and 3.4% year on year.

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