US Stocks Rise as Inflation Eases and Oil Prices Fall

The US stock market has been steadily rising towards new records as investors breathe a sigh of relief over lower oil prices and easing inflation concerns. The S&P 500 climbed 0.7% to top its prior record, while the Dow Jones Industrial Average added 69 points or 0.1%, and the Nasdaq composite gained 0.8%. The latest sign that inflation is getting less bad came in a report showing wholesale prices rose 4.7% year-over-year last month, slightly better than economists expected.

This has led traders to bet on a lower chance of interest rate hikes by the Federal Reserve, with only a 35% probability seen for a rate increase at its next meeting in September. Lower mortgage rates have also driven more activity in the housing market, as the average long-term US mortgage rate fell this week for the first time in six weeks.

Stocks in the real-estate industry led the charge, with AvalonBay Communities rising 2.3% and Homebuilder D.R. Horton adding 2.8%. Fossil Group also climbed 5.9% after reporting better-than-expected results for the latest quarter, while Cisco Systems fell 8.4% despite its own strong profits.