Stock market today: S&P 500, Nasdaq soar to fresh records after inflation cools and Fed sees improving outlok

US stocks popped to fresh records Wednesday as investors digested a one-two punch: a cooler-than-expected reading on inflation, and the Federal Reserve holding interest rates steady but slashing projections for cuts this year. The S&P 500 notched a record close for the 28th time this year, rising about 0.9% and closing above 5,400. The tech-heavy Nasdaq Composite rose about 1.5%, also adding to a record close from the prior day. The Dow Jones Industrial Average gave up 0.1%.

2% over the prior month and 3.4% over last year — cooler than April's data. Both measures also came in better than economist estimates. Later in the day, the Fed held rates steady at multi-decade highs and projected just one rate cut this year — down from three in March. Policymakers also projected core inflation would end the year at 2.8%, also an increase from March.

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