US Stocks Rise to a Record as Oil Prices Drop and Inflation Gets Less Bad
The rally followed cooler U.S. wholesale inflation and a drop in Treasury yields, while traders cut the odds of a September rate increase to 37%, CME Group data showed.
- The S&P 500 climbed 0.6% on Thursday and topped its record set last week as investors responded to easing inflation data.
- Wholesale prices rose 4.7% last month, down from June's 5.5% rate, prompting the 10-year Treasury yield to fall to 4.64% from 4.68% late Wednesday.
- Real estate stocks climbed as falling yields made dividends more attractive, while average long-term U.S. mortgage rates declined for the first time in six weeks.
- Traders now bet on a 37% chance of a Federal Reserve rate hike in September, down from roughly 50% two days ago according to CME Group data.
- Brent crude oil fell 1.4% to $87.71 on Thursday, easing inflation worries, though prices have swung between $72 and $102 last month amid the war with Iran.
52 Articles
52 Articles
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Bloomberg Television brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today's guests are Wells Fargo CIO, Wealth & Investment Darrell Cronk, JLL President, Retail Advisory Services Naveen Jaggi, Barclays Managing Director, Senior Retail Analyst Adrienne Yih, Bluestone Equity Partners Founder & Managing Partner Bobby Sharma, Janus Henderson Head, Multi-Asset Macr…
US stocks gain after benign inflation data, oil prices retreat
NEW YORK: Wall Street stocks advanced Thursday (Aug 13) with the S&P 500 finishing at a fresh record as investors welcomed further signs of easing US inflation while oil prices pulled back.The Producer Price Index
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