"Wall Street Hits New Highs as Inflation and Fed Awaited"

U.S. stocks closed at new yearly highs as investors awaited key market catalysts, including inflation data and the Federal Reserve's policy announcement. Market expectations of a potential rate cut in the first half of next year have fueled a recent rally in equities. The upcoming Consumer Price Index (CPI) data, Producer Price Index (PPI), and the Fed's interest rate decision will heavily influence investor sentiment. The S&P 500 gained 0.40%, the Nasdaq Composite rose 0.21%, and the Dow Jones Industrial Average increased by 0.44%. Semiconductors climbed over 3%, led by Broadcom, while Cigna surged after ending its attempt to acquire Humana and announcing a $10 billion share buyback plan. Nike also gained after a brokerage upgraded its stock, and Macy's shot up following a $5.8 billion buyout bid.