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The S&P 500 rose to a fresh all-time high on Thursday as oil prices declined and traders digested more inflation data.
The Dow Jones Industrials 69.73 points to greet the closing bell Thursday at 53,839.99.
The much-broader index advanced 50.49 points to 7,798.99.
The NASDAQ Composite leaped 214.54 points to 26,803.03, boosted by gains in Meta Platforms, Microsoft and Netflix.
Cisco Systems was a key laggard of the day, falling more than 8% after the company’s latest quarterly results failed to impress investors.
Cerebras and Coherent also moved lower after their earnings updates, with the former plummeting almost 12% and the latter dropping roughly 8%.
CPI for July increased by 0.1% month over month, matching expectations. The tame report gave the S&P 500 a boost, with the benchmark closing higher for the first time in three sessions. The report led to traders paring expectations for a rate hike in September.
Prices for the 10-year Treasury popped, making yields plunge to 4.64% from Wednesday’s 4.69%. Treasury prices and yields move in opposite directions.
Oil prices dropped $2.03 to $81.54 U.S. a barrel.
Gold prices dwindled $60.50 to $4,407.00 U.S. an ounce.
