Wall Street hits record close as inflationary pressures ease

US stocks closed at record highs on Aug. 13, supported by lower oil prices and better-than-expected producer price inflation data, which boosted investors’ expectations that the Federal Reserve will keep interest rates unchanged at its September meeting.

The Dow Jones Industrial Average rose 0.13%, or 69 points, to 53,839.

The broader S&P 500 advanced 0.65%, or 50 points, to 7,798, closing at a new record high, while the Nasdaq Composite climbed 0.81%, or 214 points, to 26,803.

In Europe, the Stoxx Europe 600 remained stable at 659 points.

The UK’s FTSE 100 lost 0.56% to 10,772, while Germany’s DAX inched down 0.12% to 26,299 and France’s CAC 40 shed 0.28% to 8,650.

In Japan, the Nikkei 225 gained 1.15% to 68,308, while the broader Topix rose 0.90% to 4,176.

Brent crude futures for October delivery fell 2.15%, or $1.91, to $87.07 a barrel.

US Nymex crude futures for September delivery decreased 2.43%, or $2.02, to $81.25 a barrel.

Meanwhile, gold futures for December delivery retreated 1%, or $47.10, to $4,420.40 an ounce.

US inflation data released this week supported the stock market’s rally, as expectations for a September rate hike eased and lower oil prices further boosted investor sentiment.