US Stock Market Hits Record High as Inflation Eases and Oil Prices Drop

The US stock market broke records on Thursday as inflation eased and oil prices dropped. The S&P 500 climbed 0.7% to an all-time high, while the Dow Jones Industrial Average added 69 points and the Nasdaq composite gained 0.8%. The relief comes after a report showed wholesale price inflation at 4.7%, less than expected.

The Federal Reserve's decision on interest rates is now uncertain, with traders betting on just a 35% chance of a rate hike in September. This is down from the previous 50% probability. A higher interest rate would help curb inflation but slow the economy and make borrowing more expensive.

Stocks in the real-estate industry saw significant gains, as lower mortgage rates could boost activity in the housing market. Fossil Group rose 5.9% after reporting better quarterly results than expected.