Stock market today: Dow tops 46,000, S&P 500 and Nasdaq notch records as CPI, jobs data clears way for Fed cut

Market Performance - US stocks closed at record highs, with the Dow Jones Industrial Average rising 1.4% and closing above 46,000 for the first time [2] - The S&P 500 increased by over 0.9%, while the Nasdaq Composite gained around 0.7%, marking its fourth consecutive record close above 22,000 [2] Economic Indicators - The Consumer Price Index (CPI) for August showed an annual inflation rate of 2.9%, up from 2.7% in July, with a month-over-month increase of 0.4% compared to July's 0.2% [3] - Jobless claims rose to 263,000, the highest level in nearly four years, indicating a weakening labor market [4] Federal Reserve Expectations - Markets are anticipating a greater than 90% chance of a quarter-point interest rate reduction at the Federal Reserve's upcoming meeting, with expectations for three rate cuts by the end of the year [5]