The Globe and Mail reports in its Wednesday edition that on Tuesday, the U.S. stock market enjoyed significant gains. A Reuters dispatch to The Globe reports that the S&P 500 index reached a new record high due to a surge in Oracle shares. Additionally, despite the release of consumer price data, investors remained optimistic about the possibility of interest-rate cuts in the coming months. The TSX also saw an increase, coming within 300 points of its own record high close. Traders now see a 70-per-cent chance of the first rate cut coming in June, the CME FedWatch Tool showed, compared with 71 per cent ahead of the inflation report. Shares of Oracle jumped 11.7 per cent and reached a record high, a day after it reported upbeat quarterly results and said it is set to make a joint announcement with artificial intelligence chip giant Nvidia. Nvidia shares gained 7.2 per cent and an index of semiconductors rose 2.1 per cent, snapping a two-day losing streak. The S&P 500 gained 1.12 per cent. On the downside, shares of Boeing fell 4.3 per cent. Boeing told employees on Tuesday it is adding weekly compliance checks for every 737 factory work area and additional audits of equipment to reduce quality problems.