US Stocks Soar as Inflation Eases, Interest Rate Hikes Less Likely

The US stock market continued its upward trend on Thursday, reaching an all-time high as inflation concerns eased. The S&P 500 index climbed 0.7% to top its previous record set last week, while the Dow Jones Industrial Average added 69 points or 0.1%. The Nasdaq composite gained 0.8%.

The latest wholesale price report showed prices were 4.7% higher than a year ago, which is less severe than June's 5.5% inflation rate at the wholesale level. This slight improvement has traders betting on just a 35% chance that the Federal Reserve will raise interest rates at its next meeting in September.

The easing of oil prices also contributed to the market's gain, with Brent crude falling 2.1% to $87.07 per barrel. The real-estate industry saw significant gains, as lower mortgage rates and bond yields make dividend-paying stocks more attractive.