Dow rises 1% as S&P 500 hits another record

US stocks rose on Wednesday, lifted by growing expectations that the Federal Reserve will resume interest rate cuts in September amid signs of a cooling labor market and easing inflation pressures.

At the close, the Dow Jones Industrial Average gained 1%, or 463 points, to finish at 44,922. The broader S&P 500 Index added 0.32%, or 20 points, to 6,466, marking its second consecutive record close. The Nasdaq Composite rose 0.14%, or 31 points, to 21,713, also registering a fresh record high.

In Europe, the STOXX Europe 600 index climbed 0.55% to 550 points, with the autos sector up 0.75%. Germany’s DAX advanced 0.65% to 24,185, France’s CAC 40 added 0.65% to 7,804, and the UK’s FTSE 100 edged up 0.2% to 9,165.

In Japan, the Nikkei 225 jumped 1.3% to 43,274, while the broader TOPIX index rose 0.85% to 3,091, with both benchmarks setting record closes.

Brent crude futures for October delivery fell 0.74%, or $0.49, to $65.63 per barrel, while US WTI crude futures for September delivery declined 0.82%, or $0.52, to $62.65 per barrel.

Gold futures for December delivery rose 0.27%, or $9.30, to settle at $3,408.30 per ounce.