NEW YORK (AP) — U.S. stocks are drifting near their records Wednesday after the latest inflation update boosted hopes that more help for the economy will arrive next month from another cut to interest rates. The S&P 500 rose 0.3% in afternoon trading, coming off its first loss since before Election Day last week. The Dow Jones Industrial Average was up 182 points, or 0.4%, as of 12:34 p.m. Eastern time, and the Nasdaq composite was 0.1% higher. Stocks got support from easing yields in the bond market. The yield on the two-year Treasury, which closely tracks expectations for actions by the Federal Reserve, fell to 4.28% from 4.34% late Tuesday. The yield on the 10-year Treasury held steady at 4.43%. Treasury yields mostly fell after a report said the inflation that U.S. consumers felt last month was exactly as economists expected. It accelerated to 2.6% from 2.4%, but an underlying measure called “core inflation” did not accelerate. Economists say core inflation can be a better predictor of future trends. “Bang in-line core inflation leaves the Fed on track to cut rates in December,” according to Lindsay Rosner, head of multi sector fixed income investing at Goldman Sachs Asset Management. The Fed began cutting interest rates from their two-decade high in September to offer support for the job market, hoping to keep it humming after bringing inflation nearly all the way down to its target of 2%. It cut again earlier this month, and traders now see an improved probability of roughly 82% that it will cut a third time in roughly a month, according to data from CME Group. The question is what will happen in 2025. Prior forecasts published by the Fed implied it could keep cutting rates through next year. But Donald Trump’s victory in the presidential election may have scrambled those plans. Economists say his preferences for lower tax rates, higher tariffs and less regulation could ultimately lead to higher U.S. government debt and inflation, along with faster economic growth. While lower interest rates can give a boost to the economy and to prices for investments, they can also give inflation more fuel. Still, Wednesday’s data was reassuring for the market following a run of stronger-than-expected data on the economy, which could have signaled upward pressures on inflation. “The market may be concerned that we are at an inflection point, with inflation potentially returning to an upward trajectory,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute. “We see inflation modestly higher next year. We don’t think today’s CPI data will do much to the market.” On Wall Street, Rivian Automotive jumped 18.4% after the electric-vehicle company gave more details about a joint venture it's entering with Volkswagen Group that they had previously announced. The deal’s total size could be worth up to $5.8 billion, which is more than the $5 billion the companies had previously said. The deal includes a $1.3 billion cash payment from Volkswagen to Rivian for licensing of background intellectual property and a 50% stake in the joint venture. Spirit Airlines’ stock lost 58.5%. The airline said in a regulatory filing that it’s still trying to work out a deal to renegotiate the repayment of its debt, and if it can reach an agreement, it could wipe out the company’s stockholders. But it could also protect employees and customers. Other airlines were among the market's leaders, including gains of 2.1% for Southwest Airlines and 1.7% for United Airlines. In stock markets abroad, Japan’s Nikkei 225 fell 1.7% after its wholesale inflation rate reached its highest level since July of last year. South Korea’s Kospi sank 2.6% after Samsung Electronics shares fell to their lowest level in over four years. Indexes were modestly lower across much of the rest of Asia and Europe. In the crypto market, bitcoin crossed above $90,000 as cryptocurrencies generally soared. Trump has embraced cryptocurrencies and pledged to make his country the crypto capital of the world. Dogecoin, a cryptocurrency that’s been a favorite of Tesla’s Elon Musk, rose roughly 9%, according to CoinDesk. Trump named Musk as one of the heads of a “Department of Government Efficiency,” or DOGE for short. ___ AP Writer Zimo Zhong contributed.