Wall Street surged Thursday with the Dow breaching 47,000 for the first time after CPI data confirmed a cooling inflation trend. The S&P 500 gained 0.8% and Nasdaq advanced 1.1%. Lower inflation reinforced expectations of a Fed rate cut in November, with traders pricing a 72% probability. Analysts said the rally reflects confidence that the soft-landing narrative is intact and that corporate earnings can sustain momentum into Q4 despite global uncertainties.