S&P 500, Nasdaq and Dow all hit record highs after encouraging inflation data

All three major stock market indexes reached new record highs on Wednesday as new data showed a decrease in inflation in April. The S&P 500, Nasdaq Composite, and Dow Jones all closed at record levels after the latest Consumer Price Index indicated a 3.4% increase in prices for the 12 months ending in April. This was a slight easing from the previous month’s 3.5% increase. The positive news on inflation, along with weak retail sales in April, has raised expectations for a potential interest rate cut by the Federal Reserve this year.