S&P 500 Reaches New Record High as Inflation Cools Down

The S&P 500 index broke its own record on Thursday, closing at just under 7,800. The milestone was fueled by cooling factory-gate inflation and speculation that the Federal Reserve won't raise interest rates in the near future.

Producer prices were unchanged month-over-month in July, with an annual rate of 4.7% down from 5.5%. This slowing inflation suggests less pressure is building towards higher consumer prices.

The S&P 500 rose 0.65%, while the Nasdaq Composite climbed 0.81% and the Dow added 0.13%. Tech stocks, including Chip and semiconductor companies, led the charge with strong gains.