Stock market: Dow over 47,000, US indices on record hunt after inflation data

US consumer prices climbed 3.0 percent in September compared to the same month last year. Economists surveyed by Reuters had expected a somewhat stronger increase to 3.1 percent, following 2.9 percent in August. "The data is quite positive and paves the way for a Fed rate cut next week. Furthermore, expectations are rising for at least two more rate cuts by March," said Eric Gerster of AlphaCore Wealth Advisory. Experts expect the US Federal Reserve to cut the key interest rate by a quarter of a percentage point on Wednesday, to the new range of 3.75 to 4.00 percent.