The Globe and Mail reports in its Thursday edition that Wall Street's main indexes closed lower on Wednesday, with Nasdaq leading declines, as technology stocks slumped on worries the Federal Reserve may be cautious about rate cuts after stubbornly strong U.S. inflation data. A Reuters dispatch to The Globe says Toronto edged higher to a fresh record. Data showed consumer spending increased solidly in October, suggesting the U.S. economy maintained its strong pace of growth, but progress on lowering inflation appeared to have stalled. Traders added to bets the Fed will lower borrowing costs by 25 basis points at its December meeting, according to CME's Fed-Watch. However, they anticipate the central bank leaving rates unchanged at its January and March meetings. Investors were still gauging the impact of president-elect Donald Trump's pledge on Monday to impose duties of 25 per cent on imports from Mexico and Canada and 10 per cent on Chinese goods unless they halt flows of the deadly opioid fentanyl and illegal migrants into the United States. Investors also assessed data that showed the U.S. economy grew at a solid clip in the third quarter. The S&P/TSX Composite Index ended up 83.16 points at 25,488.30.