US Stocks Soar to New Heights Amid Slowing Inflation and Easing Oil Prices

The US stock market surged to an all-time high on Thursday, following signs that inflation is slowing down. The S&P 500 rose 0.7% and broke its previous record set last week.

Wall Street also got a boost from easing oil prices, which fell 2.1% to $87.07 per barrel of Brent crude oil. This helped alleviate concerns about inflation, with the wholesale price level increasing by 4.7% in July compared to last year.

The Federal Reserve's decision to hold off on interest rate hikes is now seen as more likely, with a 35% chance that rates will remain unchanged at its next meeting in September, down from 50% two days ago.