S&P 500 closes at record 7,798.99 as rate fears ease
What's new: Flat July producer prices lifted bets the Fed will hold in September, while the Nasdaq rose 0.81%.
The S&P 500 finished at a record high on Thursday after tame inflation data eased worries about another Federal Reserve rate increase. The index rose 0.65% to 7,798.99, topping its previous closing high, while the Nasdaq gained 0.81% to 26,803.03 and the Dow added 0.13% to 53,839.99. July producer prices were unchanged, with falling goods prices offsetting a slight rise in services costs, and jobless claims increased moderately, reinforcing expectations of a steady labor market. Traders were pricing in a 63% chance the Fed leaves rates unchanged next month. Sandisk jumped 13.7%, Micron Technology rose 4.2%, Meta Platforms gained 2.8% and Microsoft added nearly 1%. Cisco Systems fell 8.4% after its revenue outlook failed to meet elevated expectations.