The S&P 500 and Nasdaq reached record closing highs for a third consecutive day on Wednesday, following softer inflation data. However, the indexes ended off the day’s highs as the Federal Reserve projected only one interest rate cut this year.
Fed’s March projections included three quarter-percentage-point reductions. Stocks were choppy following the news and press conference with Fed Chair Jerome Powell, with the S&P 500 and Nasdaq paring gains late and the Dow finishing near flat.
Oracle shares jumped 13.3%, lifting the market after the software provider forecasted double-digit revenue in fiscal 2025. The Dow Jones Industrial Average fell 35.21 points, or 0.09%, to 38,712.21, while the S&P 500 rose 45.71 points to 5,421.03, and the Nasdaq advanced 264.89 points to 17,608.44. Just after the CPI report, traders boosted bets for a Fed rate cut by September and another by December.
Apple’s shares climbed 2.9%, extending Tuesday’s strong gains and briefly becoming the world’s most valuable company. Volume on U.S. exchanges was 11.80 billion shares, with advances outnumbered by decliners on the NYSE and favored by advancers on Nasdaq.
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