US Stocks Reach Record High Amid Declining Oil Prices and Lower Inflation

The US stock market reached a record high on Thursday, driven by a decline in oil prices and lower-than-expected inflation at the wholesale level.

The S&P 500 climbed 0.7%, surpassing its previous all-time high set last week, while the Dow Jones Industrial Average added 0.1% and the Nasdaq composite gained 0.8%.

A report from the Labor Department showed that inflation at the wholesale level was 4.7% higher in July than a year earlier, a decrease from June's 5.5% rate and slightly better than economists' expectations.

The lower inflation reading may lead the Federal Reserve to hold off on raising interest rates, which would help keep a lid on inflation but also slow the economy and make borrowing more expensive.