Wall Street's S&P 500 broke its previous record, rising 0.8% amid lukewarm inflation data, raising bets for interest rate cuts.

Wall Street saw a rally as the S&P 500 broke its previous record, rising 0.8% on the back of lukewarm inflation data, which raises bets for interest rate cuts. The surge marks a sharp shift from the market's pessimism earlier in April, when investors feared high interest rates would persist. Since April's low, the S&P 500 has gained more than 6%.