The local stock market is poised to reach a five-week high due to a calm session in the U.S. and anticipation for inflation data. As of noon AEST on Wednesday, the S&P/ASX200 index rose 0.6%, or 42.5 points, to 7,352.4, while the All Ordinaries increased by 0.6%, or 41.4 points, to 7,546.6. The U.S. market had mixed trading with the S&P500 slightly higher and the Nasdaq losing steam. Markets in the U.S. predicted a 70% chance the Federal Reserve will increase interest rates by 0.25% in May. Sectors showing improvements were materials and consumer staples, mining giants BHP and Rio Tinto, and supermarket companies Coles and Woolworths. Meanwhile, financial institutions and the big four banks decreased. The Australian dollar was up to 66.65 U.S. cents from 66.69 U.S. cents on the previous day.