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For the first time this year, inflation cooled more than expected, propelling stocks to record highs.

Tepid U.S. Consumer Price Index (CPI) data for April fueled optimism that inflation was easing after three months of higher-than-expected numbers. This led traders to raise bets that the Fed will cut its policy rate in September and December.

Stock market today: Wall Street rallies to records after inflation slows

The S&P 500 jumped 1.2% to top its prior high set a month and a half ago. This move reflects a record-setting rally for U.S. stocks.

Its nighttime in America, which means its time for the latest edition of Evening Reading.

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