NEW YORK (AP) — Wall Street neared a record high ahead of a highly anticipated report on inflation, which could show whether all the excitement that's vaulted stocks higher recently is warranted.

The S&P 500 rose 0.6% Wednesday and is just 0.3% below its all-time high. The Dow added 0.5%, and the Nasdaq composite climbed 0.8%.

Treasury yields held relatively steady ahead of Thursday's update from the U.S. government on inflation at the consumer level.

Hopes for a continued cooldown there have sent yields sinking and stocks soaring in recent months.

Crude oil prices fell after giving up earlier gains.