The Dow and S&P 500 hit record highs. The Nasdaq also gained Wednesday as the stock market reacted to minutes from the Federal Reserve's last monetary policy meeting.

The Dow Jones Industrial Average and the S&P 500 closed at all-time highs Wednesday as traders analyzed minutes from the Federal Reserve's September monetary policy meeting. The Dow rose 1% to 42,512,

The Dow Jones gained 0.6% last week to finish at 42,313, an all-time closing high. The S&P 500 hit a record closing high last Thursday at 5,745, but then fell back slightly on Friday to close the week at 5,738 — up 0.6% for the week.

The stock market is heading toward a major inflation reading in a position of strength. The S&P 500 and Dow were both on track for record closes on Wednesday. The S&P was up 0.5% to 5777.05. Its prior closing high was 5762.

The Dow shed triple digits, pulling back from yesterday's record close. The S&P 500 and Nasdaq, despite brief midday forays into the black, ultimately finished lower as well. Elsewhere, Wall Street's "fear gauge,

Wall Street stocks advanced on Wednesday with the S&P 500 and the Dow scoring record closing highs after the release of Federal Reserve meeting minutes and ahead of September inflation data and the earnings season.