S&P 500 Surges Past 7,800 on Easing US Inflation Concerns

The S&P 500 index surged past 7,800 for the first time on Thursday, driven by easing US inflation concerns. The benchmark rose 0.65% to 7,798.99, marking a new record high.

The Nasdaq composite gained 0.81% to 26,803.03, while the Dow Jones Industrial Average added 0.13%, or 69.72 points, to 53,839.99.

US wholesale inflation data for July showed prices unchanged on the month, below economists' forecasts of a 0.2% gain. The producer price index (PPI) rose 4.7% from a year earlier, down from June's 5.5% pace.

Traders now put the chance of a September interest rate hike at 35%, down from about 50% two days earlier, according to CME Group data.