The market climbed on Wednesday, with the S&P 500 within 50 points of a trading high, but tech was pulling back, led by a 1% fall in the consumer electronic giant  $Apple (AAPL.US)$. In the afternoon, all indices climbed.

Just past 2:26 PM ET the $S&P 500 Index (.SPX.US)$ traded +0.49%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.77%, and the $Nasdaq Composite Index (.IXIC.US)$ was up 0.30%

Mary Daly, president of the SF Fed, told reporters Tuesday that strong economic data does not mean inflation is on its way back. Speaking to a New York University crowd, Daly said she would support taking a break from cuts for a meeting or two.

"You can't, in my judgment, reflexively say, 'I have stronger-than-expected growth, I have stronger-than-expected employment, inflation must be around the corner,' " Daly says.

Minneapolis Fed President Neel Kashkari said at a Tuesday bank conference that the neutral rate must be higher after aggressive rate cuts failed to cause a recession in 2022 and 2023. Seeking Alpha reported he was unsure of the way forward besides gradually lowering rates over the next few quarters.

Monday, Fed Gov. Chris Waller said the economy is much stronger than previously thought, and the labor market remains quite healthy, speaking at Stanford University in California. According to MarketWatch, Waller noted that the Fed and Wall Street had been fooled by reports over the summer that indicated the economy was slowing.

"To remind you of how bad the markets viewed the July data, some Fed watchers were calling for an emergency [Fed] meeting to discuss a rate cut," Waller said.

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