S&P 500, Nasdaq hit record highs as tech rallies despite strong inflation data

US stocks rallied to record highs on Wednesday as investors shrugged off a hotter-than-expected reading of wholesale inflation. Meanwhile, Kevin Warsh was confirmed by the Senate to be the next Fed chair. The S&P 500 (^GSPC) rose 0.6%, while the tech-heavy Nasdaq Composite (^IXIC) climbed 1.2% to hit fresh record highs. The tech sector lifted the market, led by semiconductors and the “Magnificent Seven” stocks. The Dow Jones Industrial Average (^DJI) fell just below the flat line.