US Stocks Hit Record High as Oil Prices Drop and Inflation Slows

US stocks have hit a new record high as oil prices drop and inflation shows signs of slowing down.

The S&P 500 climbed 0.7% to top its previous record set last week, while the Dow Jones Industrial Average added 69 points or 0.1%, and the Nasdaq composite gained 0.8%.

The latest report on wholesale inflation showed prices were 4.7% higher than a year ago, which is less bad than expected but still not good.

Wall Street analysts believe that if inflation continues to trend downward, the Federal Reserve may hold off on raising interest rates, which would help keep the economy growing and make borrowing cheaper for consumers.