S&P 500 Shatters Record as Producer Prices Hold Steady

The S&P 500 index closed at an all-time high of 7,798.99 on Thursday, marking its 27th record close this year.

This milestone came after a flat July producer price report, which further eased worries about a Federal Reserve rate hike next month.

The Producer Price Index for final demand was unchanged in July, with annual growth slowing to 4.7% from 5.5% in June.

The rally broadened beyond tech stocks, with semiconductors and cyclicals leading gains, and deal activity and investor stakes boosting risk appetite.