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

The US stock market surged to an all-time high on Thursday, driven by signs that inflation is easing and oil prices are stabilizing.

The S&P 500 index climbed 0.7% to a record 7,798.99, while the Dow Jones Industrial Average added 69 points or 0.1% to 53,839.99, and the Nasdaq composite gained 0.8% to 26,803.03.

The easing inflation rate is seen as a positive sign for the economy, with prices at the wholesale level rising by 4.7% last month compared to a year earlier, which was slightly better than economists had expected.

This development has traders betting on a lower chance of interest rates being raised by the Federal Reserve in September, with just a 35% probability now seen, down from around 50% two days ago.