Stock market today: Dow, S&P 500 jump to fresh records as key CPI report looms

US stocks popped on Wednesday, as two major indexes clinched fresh records. Wall Street weighed the risk of a Google breakup while dissecting the minutes from the latest Federal Reserve meeting and bracing for the latest report on consumer inflation. The Nasdaq Composite rose 0.6%. The S&P 500 popped about about 0.7%, and the Dow Jones Industrial Average added more than 1%, or nearly 450 points.

On Wednesday, minutes from the Fed's September meeting showed that a "substantial majority" of officials supported the half a percentage point interest rate cut. But "some participants" supported a 25 basis point interest rate cut. Following the minutes, markets are pricing in a 24% chance the Fed doesn't cut rates at its November meeting. That's up significantly from just a day ago — and up from a 0% chance seen a week ago, per the CME FedWatch Tool.

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