Stocks Soar as Oil Prices Plummet, Inflation Slows

The US stock market hit an all-time high on Thursday, thanks to declining oil prices and lower-than-expected inflation rates. The S&P 500 climbed 0.7% to top its previous record set last week.

Wholesale price inflation slowed to 4.7% in July, down from June's 5.5%, and was slightly better than economists' predictions. If this trend continues, the Federal Reserve might delay hiking interest rates, which would help keep a lid on inflation but slow the economy and make borrowing more expensive.

Fed officials are split on raising rates, with some arguing it should have been done already. Market traders now believe there's only a 35% chance of a rate hike at the Fed's September meeting, down from 50% just two days ago.