NEW YORK (AP) — U.S. stocks rallied to records on hopes that inflation is heading back in the right direction.

The S&P 500 jumped 1.2% Wednesday to top its prior all-time high set in March. The Nasdaq composite added 1.4% to its own record set a day earlier, while the Dow Jones Industrial Average rose 0.9% to beat its own recent high.

Treasury yields also eased after a report showing a slowdown in inflation boosted expectations for the Federal Reserve to cut interest rates this year.

GameStop and other meme stocks were among the market's few losers.