Commodities
US Stocks Hit Record High as Inflation Worries Ease
US stocks closed at an all-time high on Thursday, following a report that showed inflation is getting less bad. The S&P 500 climbed 0.7% and topped its prior record set last week, while the Dow Jones Industrial Average added 69 points, or 0.1%. The Nasdaq composite gained 0.8%.
The easing of oil prices also contributed to the market's rise, with Brent crude falling 2.1% to $87.07 per barrel. This move helped alleviate worries about inflation, which has been a major concern for investors in recent months.
Analysts noted that lower mortgage rates could drive more activity in the housing market, and the average long-term US mortgage rate fell this week for the first time in six weeks.