US Stocks Inch Closer to Records as Inflation Slows Down
The US stock market is inching closer to an all-time high after a report showed inflation rates slowing down. The S&P 500 rose 0.5% and was on track to surpass its record set last week, while the Dow Jones Industrial Average dipped 123 points or 0.2%. Oil prices also fell by 1.1%, easing concerns about inflation.
The latest data from the US wholesale level showed a 4.7% year-over-year increase in prices, lower than June's 5.5% rate and slightly better than expected. This has led traders to bet on only a 34% chance of the Federal Reserve raising interest rates at its next meeting in September.
The real-estate industry helped drive the gains, with AvalonBay Communities rising 2.5% and Builders FirstSource adding 1.3%. Fossil Group also surged 4% after reporting better-than-expected quarterly results.