Commodities
Stocks Soar as Inflation Bites Less Hard
The US stock market rose to a new all-time high on Thursday, following a report that inflation is getting less bad. The S&P 500 climbed 0.7% and topped its prior record set last week.
Lower oil prices also contributed to the market's gains. Brent crude oil fell 2.1% to $87.07, helping to limit worries about inflation.
The report showed that wholesale price inflation was 4.7% higher last month than a year earlier, which is not as bad as June's 5.5% rate. This has traders betting on just a 35% chance that the Fed will raise interest rates at its next meeting in September.