Wall Street notches fresh records as S&P 500 and Dow Jones close at all-time high

Record highs come amid hopes a cooldown in inflation will allow Federal Reserve to cut interest rates several times this year

Wall Street scaled fresh records on Monday, as the S&P 500 and the Dow Jones industrial average each closed at an all-time high.

The S&P gained 0.2% to 4,850.43. The Dow cleared 38,000 for the first time, rising 0.4% to 38,001.81.

Associated Press contributed reporting