U.S. stocks rallied to records on hopes that inflation is heading back in the right direction.

The S&P 500 jumped 1.2% Wednesday to top its prior all-time high set in March. The Nasdaq composite added 1.4% to its own record set a day earlier, while the Dow Jones Industrial Average rose 0.9% to beat its own recent high.

Treasury yields also eased after a report showing a slowdown in inflation boosted expectations for the Federal Reserve to cut interest rates this year. GameStop and other meme stocks were among the market’s few losers.

On Wednesday:

The S&P 500 rose 61.47 points, or 1.2%, to 5,308.15.

The Dow Jones Industrial Average rose 349.89 points, or 0.9%, to 39,908.

The Nasdaq composite rose 231.21 points, or 1.4%, to 16,742.39.

The Russell 2000 index of smaller companies rose 23.77 points, or 1.1%, to 2,109.46.

For the week:

The S&P 500 is up 85.47 points, or 1.6%.

The Dow is up 395.16 points, or 1%.

The Nasdaq is up 401.52 points, or 2.5%.

The Russell 2000 is up 49.68 points, or 2.4%.

For the year:

The S&P 500 is up 538.32 points, or 11.3%.

The Dow is up 2,218.46 points, or 5.9%.

The Nasdaq is up 1,731.04 points, or 11.5%.

The Russell 2000 is up 82.39 points, or 4.1%.