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S&P 500 Hits Record Close as Softer US Inflation, Lower Oil Prices Lift Stocks
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U.S. stocks rose across the board on August 13 as easing inflation pressures and falling oil prices boosted sentiment. The S&P 500 closed at a record high.
The S&P 500 ended up 0.65% at 7,798.99. The Dow Jones Industrial Average rose 0.13% to 53,839.99, while the Nasdaq Composite gained 0.81% to 26,803.03.
U.S. producer prices were flat in July from the previous month, below market expectations for a 0.2% increase. Consumer prices released earlier also cooled for a third straight month, easing worries about another Federal Reserve rate increase.
CME FedWatch showed fed funds futures pricing a 67.6% chance the Fed will keep its benchmark interest rate unchanged in September, up from 59.4% a day earlier.
Lower oil prices also supported investor sentiment. Brent crude for October delivery fell 2.15% to $87.07 a barrel, while West Texas Intermediate for September delivery dropped 2.43% to $81.25.
Technology shares were also strong. SanDisk surged 13.7% and Micron Technology climbed 4.2%. Meta rose 2.8% and Microsoft added 1.0%, while Nvidia and Tesla gained 0.54% and 3.80%, respectively. American depositary receipts of SK Hynix jumped 7.29%.
U.S. Treasury yields fell as inflation concerns eased. The 10-year Treasury yield slipped about 5 basis points from the previous session to 4.64%, while the two-year yield fell about 5 basis points to 4.15%.
