 This is the Marketplace Minute. I'm Megan McCarty Carino. Markets hit new highs today. The S&P gained six tenths percent for a record close. The Nasdaq climbed eight tenths percent, pushing past its previous peak. And the Dow climbed four tenths percent. Federal Reserve Chair Jerome Powell said the economy is making progress toward hitting the Fed's target inflation rate of two percent. But the central bank will need to see more signs of cooling before it cuts interest rates. He spoke at a conference on monetary policy in Portugal.