US Stocks Soar as Inflation Eases and Oil Prices Drop

The US stock market continued its upward trend on Thursday, reaching an all-time high as inflation concerns eased and oil prices dropped.

According to a report, wholesale price inflation in the US slowed down to 4.7% last month, which is less than the previous rate of 5.5% in June.

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

The Federal Reserve's potential decision to hold off on interest rate hikes has also contributed to the market's optimism, as higher rates would help combat inflation but slow down economic growth.