S&P 500 reaches new record high

(CNN)– The S&P 500 managed to reach a new record high on Tuesday. All of the indices closed up on the latest consumer price index data.

It showed prices rose 3.2% in the past year. That’s higher than economist expected.

But investors still cheered because categories like food prices held relatively steady.

That gives them hope the Federal Reserve might start cutting interest rates as early as June.