U.S. Stocks Hit Record Highs as Oil Prices Fall and Wholesale Inflation Eases

U.S. stocks climbed to record highs as easing oil prices and a moderation in wholesale inflation boosted investor sentiment, The Associated Press (AP) reported.

U.S. stocks reached record highs as easing oil prices and slower wholesale inflation lifted investor sentiment. [Photo: New York Stock Exchange Facebook]

The S&P 500 rose 0.7% to a record 7,798.99, surpassing its previous all-time high set the previous week. The Dow Jones Industrial Average gained 69.72 points, or 0.1%, to 53,839.99, while the Nasdaq composite advanced 0.8% to 26,803.03. 

Wall Street was encouraged by a report showing that wholesale prices rose 4.7% in July from a year earlier, slower than the 5.5% increase recorded in June and slightly below economists' expectations.

The data helped ease concerns that inflation could force the Federal Reserve to raise interest rates.

Oil prices also declined, with Brent crude falling 2.1% to $87.07 a barrel, providing additional relief to investors concerned about the inflationary effects of the conflict involving Iran.