US Stocks Hit Record High as Inflation Concerns Ease

The US stock market reached an all-time high on Thursday as inflation concerns eased and oil prices dropped.

According to a report, wholesale prices in the US rose by 4.7% year-over-year in July, which is lower than June's 5.5% inflation rate at the wholesale level.

This development has led traders to bet on a 35% chance that the Federal Reserve will raise interest rates at its next meeting in September, down from around 50% just two days ago.

The easing of oil prices also contributed to the market's rise, with the price for a barrel of Brent crude oil falling 2.1% to $87.07.