Wall Street high on expectations for a coming cut to interest rates

By STAN CHOE, Associated Press Business Writer

NEW YORK (AP) — The U.S. stock market is climbing toward records on Tuesday after data suggested inflation across the country was a touch better last month than economists expected.

The S&P 500 rose 0.6% and was on track to top its all-time high set two weeks ago. The Dow Jones Industrial Average was up 251 points, or 0.6%, as of 9:35 a.m. Eastern time, while the Nasdaq composite was 0.7% higher and also heading toward a record.

Stocks got a lift from hopes that the better-than-expected inflation report will give the Federal Reserve more leeway to cut interest rates at its next meeting in September.

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