The S&P 500 climbed nearly 2.6 percent in the second quarter of this year to all-time highs and hit a record of 2,508.85 Wednesday.

The latest read on the S&P CoreLogic Case-Shiller U.S. National Home Price Index showed it hit a record high in June.

The pace of household debt increase moderated to 3.7 percent in the second quarter from a 4.4 percent pace the same period last year, the Fed report said. Consumer credit grew at an annual rate of 4.6 percent, down from 6.2 percent the prior year.

The home mortgage growth rate of 2.8 percent was a slight increase from 2.7 percent in the same period last year, according to the report.

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