All three major stock indexes close at record highs as inflation slows down

Each of the major U.S. stock indexes closed Wednesday at record highs after new federal data showed inflation slowing down.

The Dow Jones Industrial Average, S&P 500 index and Nasdaq composite all rallied Wednesday after the Labor Department reported inflation falling to a 3.4 percent annual rate in April after a 0.3 percent monthly increase in prices, according to the Consumer Price Index (CPI).

The Dow rose roughly 350 points Wednesday to close at 39,908, a gain of 0.9...