U.S. stocks were higher, with the Dow leading gains Wednesday, and the S&P 500 setting a closing record, paced by gains in drugmaker Merck, while investors looked towards the next piece of inflation data and Federal Reserve policymaker commentary for signals on the rate path. Merck & Co. advanced as the best performer on the Dow after the U.S. Food and Drug Administration approved its therapy for adults suffering from a rare lung condition.
The Personal Consumption Expenditures Price Index , the Fed's preferred inflation gauge, is due on Good Friday, when the U.S. stock market will be closed. Later in the day, Fed Board Governor Christopher Waller is expected to speak at the Economic Club of New York later in the day.
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