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May CPI data unexpectedly flat

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Oracle up on double-digit FY25 revenue growth forecast

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Fed leaves rates unchanged

(Updates to 4 p.m.)

By Caroline Valetkevitch

NEW YORK, June 12 (Reuters) - The S&P 500 and Nasdaq

posted record closing highs for a third straight day on

Wednesday after consumer prices data came in softer than

expected but the indexes ended off the day's highs as the

Federal Reserve projected only one interest rate cut this year.

The U.S. central bank, in a statement at the end of its June

11-12 meeting, said it left its policy rate unchanged at

5.25%-5.5%, as expected.

Stocks were choppy following the news, with the S&P 500 and

Nasdaq paring gains late and the Dow finishing near flat.

"The Fed is acting like a CEO, sandbagging rate cut

expectations down to one or two cuts but likely going to beat

them later this year with two or more," said Gene Goldman, chief

investment officer at Cetera Investment Management in Los

Angeles.

Stocks rallied as the session opened, after the Labor

Department reported that U.S. consumer prices were unexpectedly

unchanged in May amid cheaper gasoline.

Oracle shares jumped, lifting the market, after

the company forecast double-digit revenue in fiscal 2025 after

the bell on Tuesday.

According to preliminary data, the S&P 500

gained 45.62 points, or 0.85%, to end at 5,421.14 points,

while the Nasdaq Composite rose 266.44 points, or 1.54%,

to 17,609.99. The Dow Jones Industrial Average fell 31.90

points, or 0.08%, to 38,715.52.

After the Consumer Price Index report, traders boosted bets

that the Fed will cut rates by September. Traders also added to

bets on a second Fed rate cut by December.

Apple's ( AAPL ) shares climbed, extending recent gains.