US Stocks Hit New Record High Amid Slowing Inflation
The US stock market hit an all-time high on Thursday following news that inflation is slowing down. The S&P 500 climbed 0.7% and surpassed its previous record set last week, while the Dow Jones Industrial Average added 69 points, or 0.1%, and the Nasdaq composite gained 0.8%. Wall Street reacted positively to a report showing wholesale prices rose 4.7% year-over-year in July, down from 5.5% in June.
The easing of oil prices also contributed to the market's gains, with Brent crude falling 2.1% to $87.07. Treasury yields decreased, which eases pressure on stocks and other investments. The yield on the 10-year Treasury dropped to 4.65%, down from 4.68% late Wednesday.
Stocks in the real-estate industry performed well, with AvalonBay Communities rising 2.3% and Homebuilder D.R. Horton adding 2.8%. Fossil Group climbed 5.9% after reporting better-than-expected quarterly results. However, Cisco Systems fell 8.4%, despite beating profit and revenue expectations.