US Stocks Soar to Record as Inflation Worries Ease

The US stock market hit an all-time high on Thursday, buoyed by easing inflation and declining oil prices. 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%. A report showed wholesale prices were 4.7% higher than a year ago, but this was lower than expected and marks a slowdown in inflation.

The Federal Reserve's interest rate hike plans may be put on hold if inflation continues to trend downwards. Fed officials are divided on whether to raise rates, which would help curb inflation but slow the economy. Traders now bet on just 35% chance of a rate hike at the next meeting in September, down from 50% two days ago.

Oil prices dropped 2.1% to $87.07 per barrel, helping ease worries about inflation. Stocks in the real-estate industry surged as investors looked for lower mortgage rates and higher dividend payouts. Fossil Group jumped 5.9% after reporting better-than-expected quarterly results.