NASDAQ surges to fresh record highs before Fed's decisions

US stock indices rose on Wednesday, with both the NASDAQ and S&P 500 hitting fresh record highs following US inflation data. 

Official data today showed US consumer prices rose 3.3% y/y in May, down from 3.4% in April, while core inflation rose 3.4%, slowing down from 3.6%. 

The Federal Reserve is also expected to announce its policy decisions later today, widely expected to maintain interest rates unchanged.

However, the Fed is expected to signal the approach of the upcoming policy easing cycle soon. 

On trading, Dow Jones rose 0.2%, or 92 points as of 17:13 GMT to 38,839, while S&P 500 rose 1.1%, or 60 points to 5435, as NASDAQ added 1.8%, or 307 points to 17,648.