S&P 500 closes above 5,400 for the first time as Fed notes 'modest' inflation progress

Lisa covers markets and investing for CNBC.com and CNBC Pro.

The S&P 500 jumped to a record and closed above 5,400 for the first time Wednesday after the Federal Reserve’s latest policy announcement and May inflation data pointed to easing pricing pressures. The broader market index climbed 0.85%, closing at 5,421.03, while the Nasdaq Composite gained 1.53%, ending at 17,608.44. Both the S&P 500 and Nasdaq hit all-time highs and closed at records on Wednesday. The Dow Jones Industrial Average slipped 0.09%, or 35.21 points, to end at 38,712.21.

Wednesday’s announcement followed the release of fresh U.S. inflation data, which seemed to suggest a cooling trend. The consumer price index was unchanged for the month of May, lower than the Dow Jones estimate for a 0.1% monthly increase. Year over year, the inflation metric increased 3.3%, which also came in below expectations and represented a slowing from the prior 3.4% pace.

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