The S&P 500 and Nasdaq indexes reached their highest in 14 months as economic data eased concerns about inflation, increasing bets that the U.S. Federal Reserve is nearing the end of its aggressive interest-rate hike campaign. This helped offset worries about future rate hikes and boosted companies like Apple and Microsoft, which both reached record highs. Traders believe there is a 67% chance of a 25-basis point rate hike in July, followed by a potential rate cut by December. All 11 S&P 500 sector indexes rose, and the Dow Jones Industrial Average also increased.