News brief

The stock market is rallying toward records after data suggested inflation across the country was a touch better last month than economists expected. The S&P 500 rose 1% Tuesday and was on track to top its all-time high set two weeks ago. The Dow Jones Industrial Average added 467 points, while the Nasdaq composite climbed 1.2% and was also heading toward a record. Stocks got a lift from hopes that the inflation report will give the Federal Reserve leeway to cut interest rates at its next meeting in September. Lower rates can give the economy and investment prices a boost.