S&P 500 Hits Record Close Amid Eased Inflation Concerns
The US stock market saw significant gains across major indexes as inflationary pressures eased and oil prices dropped, pushing the S&P 500 to a new record closing high.
The S&P 500 rose by 0.65% on August 13th to 7,798.99 at the New York Stock Exchange, with the Dow Jones Industrial Average increasing 0.13% to 53,839.99 and the Nasdaq Composite advancing 0.81% to 26,803.03.
The US producer price index for July remained unchanged from the previous month, falling short of market expectations for a 0.2% increase. Additionally, the consumer price index slowed down for the third consecutive month, alleviating concerns about future interest-rate hikes.
The Federal Reserve's benchmark interest rate is now priced at a 67.6% chance of remaining unchanged in September, up from 59.4% the previous day, according to CME FedWatch.