Stocks surged with the S&P 500 reaching a record high of 6440.41, up 1.1%. Nasdaq also hit a new intraday high, up 1.3%. The Dow climbed 509 points, or 1.2%. The increase follows a positive CPI report, giving the Fed flexibility to lower interest rates due to low inflation and weaker labor market data.

Read more at Dow Jones & Company: Dow Rises Over 500 Points. S&P 500 and Nasdaq Hit Intraday Records.