STOCKS HIT ALL-TIME HIGHS: Here's what you need to know

US equity indexes hit record highs while Treasurys tumbled after data on consumer spending and prices came in well above expectations. The S&P 500 closed higher for a seventh straight session, the longest streak since 2013.

Here's the scoreboard:

• Dow: 20,607.54, +103.13, (0.50%)
• S&P 500: 2,348.69, +11.11, (0.48%)
• Nasdaq: 5,817.51, +34.94, (0.60%)

1. Andrew Puzder, President Donald Trump's pick for Secretary of Labor, has dropped out of the running for the position. The fast-food executive had been scrutinized for his treatment of workers.

2. Verizon has tentatively reached a revised deal with Yahoo, according to Bloomberg, which cuts Yahoo's price by about $250 million. Verizon reportedly reconsidered the $4.8 billion deal in December after news of Yahoo's security breach.

3. The Centers for Medicare and Medicaid Services on Wednesday morning announced new proposed rules for the Affordable Care Act's individual insurance exchanges. They would be the first tweaks to Obamacare under Trump.

4. Retail sales were much stronger than expected in January, climbing by 0.4%, according to the Commerce Department. A large help came from gasoline sales, as prices continue to increase from the oil crash.
5. Consumer prices rose by the most in four years in January, according to the Department of Labor. The consumer price index (CPI) - comprised of a basket of items ranging from clothes to pills - climbed 0.6% month-on-month.
6. Industrial production, the Federal Reserve's gauge of the manufacturing sector, disappointed at the beginning of 2017. It slipped by 0.3%, while capacity utilization fell to 75.3% from 75.6%.

Additionally:

The New York Empire State Manufacturing index soared to 18.70 in February - the highest level in over two years

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