NEW YORK (AP) — Wall Street rose to records after an update said U.S. households are feeling a bit less pain from inflation than feared. The S&P 500 climbed 0.8% Friday and topped its prior all-time high set earlier this month. The Dow Jones Industrial Average jumped 1%, and the Nasdaq composite rallied 1.1%. Both also set records. The inflation data could clear the way for the Federal Reserve to keep cutting interest rates in hopes of helping the slowing job market. A strong earnings report from Ford Motor and continued gains for AI stars also helped to drive stocks higher.

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

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