Wall Street Likes What Fed Says As Dow Jones, S&P 500 Set Record Highs

People walk by the New York Stock Exchange on Wall Street in August. Data released by the Commerce Department on Friday show that inflation is cooling. (Credit: Spencer Platt/Getty Images)

Just two days after Monday's downturn, Wall Street surged for the second straight session on Wednesday to set record highs at two of the three major stock indices.

The Dow Jones Industrial Average rose 431 points (1.03%) to close at a record-high 42,513, while the S&P 500 also notched a fresh high by climbing 40 points (0.71%) to 5,792.