Wall Street climbed to a fresh record on Thursday as cooler-than-expected wholesale inflation eased concerns over another Federal Reserve interest rate hike, giving investors renewed confidence in U.S. markets.The S&amp;P 500 rose 0.65 per cent to close at a record 7,798.99, while the technology-heavy Nasdaq Composite gained 0.81 per cent. The Dow Jones Industrial Average edged 0.13 per cent higher. The S&amp;P 500 has gained roughly 14 per cent so far this year, according to Reuters.Also read | <a href="https://www.wionews.com/world/who-bears-responsibility-iran-wants-polluter-pays-rule-for-strait-of-hormuz-as-oil-slick-plagues-qeshm-1786582552036">'Who bears responsibility?': Iran wants 'polluter pays' rule for Strait of Hormuz as oil slick plagues Qeshm</a>The rally followed fresh data showing that inflationary pressures at the producer level were softer than economists had expected.According to the U.S. Bureau of Labor Statistics, the Producer Price Index, or PPI, was unchanged in July after falling a revised 0.1% in June.On an annual basis, producer prices rose 4.7 per cent, slowing from a 5.5 per cent increase in June. Prices for goods fell 0.7 per cent during July, while services prices increased 0.2 per cent.The PPI measures the prices that producers receive for goods and services and is closely watched for signs of inflation that could eventually be passed on to American consumers.Also read | <a href="https://www.wionews.com/world/new-eia-report-warns-strait-of-hormuz-disruptions-could-keep-pressure-on-global-oil-markets-1786594753362">EIA warns Strait of Hormuz disruptions could keep pressure on global oil markets</a>Also, according to the Bureau of Labor Statistics, consumer prices increased 3.4 per cent in the 12 months through July.Together, the reports have reduced expectations that the Federal Reserve will raise interest rates at its September meeting.Traders now see around a 35 per cent chance of a September rate hike, down from about 55 per cent a week earlier, according to Reuters. The Fed held its benchmark interest rate at a range of 3.50 per cent to 3.75 per cent at its July meeting.However, uncertainty remains over whether inflation is cooling quickly enough to bring it sustainably back toward the Fed’s 2 per cent target.For Wall Street, Thursday’s data provided some relief. Softer producer inflation reduced the immediate pressure on the Fed to raise rates, while optimism surrounding technology and artificial intelligence stocks helped propel the broader market to another record.&nbsp;

Wall Street hit fresh records as softer US producer inflation eased concerns over a September Fed rate hike and boosted investor confidence.

Wall Street climbed to a fresh record on Thursday as cooler-than-expected wholesale inflation eased concerns over another Federal Reserve interest rate hike, giving investors renewed confidence in U.S. markets. The S&P 500 rose 0.65 per cent to close at a record 7,798.99, while the technology-heavy Nasdaq Composite gained 0.81 per cent. The Dow Jones Industrial Average edged 0.13 per cent higher. The S&P 500 has gained roughly 14 per cent so far this year, according to Reuters. Also read | 'Who bears responsibility?': Iran wants 'polluter pays' rule for Strait of Hormuz as oil slick plagues Qeshm The rally followed fresh data showing that inflationary pressures at the producer level were softer than economists had expected. According to the U.S. Bureau of Labor Statistics, the Producer Price Index, or PPI, was unchanged in July after falling a revised 0.1% in June. On an annual basis, producer prices rose 4.7 per cent, slowing from a 5.5 per cent increase in June. Prices for goods fell 0.7 per cent during July, while services prices increased 0.2 per cent. The PPI measures the prices that producers receive for goods and services and is closely watched for signs of inflation that could eventually be passed on to American consumers. Also read | EIA warns Strait of Hormuz disruptions could keep pressure on global oil markets Also, according to the Bureau of Labor Statistics, consumer prices increased 3.4 per cent in the 12 months through July. Together, the reports have reduced expectations that the Federal Reserve will raise interest rates at its September meeting. Traders now see around a 35 per cent chance of a September rate hike, down from about 55 per cent a week earlier, according to Reuters. The Fed held its benchmark interest rate at a range of 3.50 per cent to 3.75 per cent at its July meeting. However, uncertainty remains over whether inflation is cooling quickly enough to bring it sustainably back toward the Fed’s 2 per cent target. For Wall Street, Thursday’s data provided some relief. Softer producer inflation reduced the immediate pressure on the Fed to raise rates, while optimism surrounding technology and artificial intelligence stocks helped propel the broader market to another record.

Wall Street hit fresh records as softer US producer inflation eased concerns over a September Fed rate hike and boosted investor confidence.

Wall Street hits record high as cooling US inflation reshapes Fed rate outlook

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Wall Street hits record high as cooling US inflation reshapes Fed rate outlook