NEW YORK (AP) — Wall Street is heading for records after an update said U.S. households are feeling a bit less pain from inflation than feared. The S&P 500 climbed 0.7% Friday and was on track to top its all-time high set earlier this month. The Dow Jones Industrial Average added 226 points and was likewise heading for a record, while the Nasdaq composite rose 0.9%. Treasury yields eased in the bond market because the inflation data could clear the way for the Federal Reserve to continue cutting interest rates in hopes of helping the slowing job market. Gold’s price slipped, as its huge rally stalls.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

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