U.S. stocks climbed Wednesday after a surprisingly encouraging update on inflation and a reassurance that the Federal Reserve still sees a cut to interest rates as likely this year. The Standard & Poor's 500 added 0.9% to its all-time high set a day earlier. The Nasdaq composite also built on its own record and jumped 1.5%, while the Dow Jones industrial average lagged the market with a dip of 35 points, or 0.1%.
Fed officials trimmed their forecast for the number of cuts in 2024 down from a median of three after progress seemed to stall early this year on bringing inflation lower. Such a falloff was widely expected, and traders are still largely betting on the first of potentially two cuts to rates in 2024 coming in September, according to data from CME Group. That had areas of the stock market that tend to benefit most from lower interest rates doing the best.
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