Wall Street shot higher Wednesday, sending the Standard & Poor's 500 index up 20.53 points to 2,592.59, its first record close in more than seven years, as investors interpreted the minutes of a recent Federal Reserve board meeting to mean the Fed might cut interest rates in the second half of 2007. The Dow Jones industrials also reached a new closing high, rising 111.74 to close at 13,633.08. Story, E2.