US markets today: Wall Street climbs on global rally and Fed rate-cut hopes, Asia and Europe join upswing

US stocks surged on Wednesday, fueled by a global equity rally and growing anticipation of a Federal Reserve interest rate cut in September. The S&P 500 reached a new all-time high, while the Dow and Nasdaq also climbed. Easing Treasury yields further supported the market's advance as investors bet on lower borrowing costs.