Stocks rose Wednesday, adding to their recent momentum as expectations for lower U.S. Federal Reserve rates continue driving the major indexes to all-time highs.
The S&P 500 and Nasdaq Composite advanced 0.4% and 0.5%, respectively, reaching fresh record highs. The Dow Jones Industrial Average gained 1250 points, or 0.6%.
AMD popped more than 5% to lead gains in tech. Apple also advanced about 1%, along with Oracle.
Those moves followed a record-setting session Tuesday sparked by a tamer-than-expected inflation report that gave investors hope of a Fed rate cut in September. Traders are pricing in a 99% chance of a rate cut at the Federal Reserve's September meeting, per trading data from the CME's FedWatch Tool.
Thursday's producer price index report on wholesale inflation will add another piece of the economic picture. The report comes ahead of the Fed's Jackson Hole meeting on Aug. 21-23, which could also help shape expectations for the central bank's next policy move.
Source : CNBC
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