US Stocks Soar to New High as Inflation Eases and Oil Prices Drop

The US stock market reached an all-time high on Thursday, driven by signs that inflation is easing and oil prices dropping.

The S&P 500 rose 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 inflation rate at the wholesale level was 4.7% higher last month than a year earlier, which is lower than June's 5.5% rate and slightly better than economists expected.

This trend may influence the Federal Reserve to hold off on hiking interest rates, as higher rates would slow the economy and make borrowing more expensive.