Wall Street reaches record highs as investors tip upbeat economic outlook from US central bank

US stocks reached record highs after a slow start with the Dow Jones and S&P 500 hitting all-time highs as investors await the latest meeting of the US Federal Reserve.

However, rising borrowing costs continued to weigh on sentiment.

The S&P 500 was bolstered by IT giant Apple.

Delta Air Lines, Southwest Airlines and JetBlue Airways said leisure bookings had increased and offered some of the first concrete signs that the worst may be over for the airline industry.

The S&P 1500 airlines index jumped more than 3 per cent to a…