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US Stocks Continue to Rise, Setting New Records for the Year

US stocks climbed on Thursday morning, on track for their best month this year as investors continued to bet on interest-rate cuts after a key reading on consumer inflation. The Dow Jones Industrial Average (^DJI) paced gains with a jump of about 0.6%, or nearly 200 points, while the S&P 500 (^GSPC) and the tech-heavy Nasdaq Composite (^IXIC) inched up about 0.2%. With fresh 2023 closing highs within reach, the stock gauges are experiencing a monster rally fueled by optimism that the Federal Reserve is done with hiking interest rates.

Investors were buoyed by Thursday’s release of the PCE index, the Fed’s preferred inflation measure, which came in line with expectations. This could add more fuel to the notion that the Fed is done with hiking this cycle and may cut rates sooner than thought.

With eyes also on the OPEC+ meeting on Thursday, oil prices rose for a third day amid expectations the sides could reach a deal on policy, with WTI (CL=F) and Brent (BZ=F) crude futures both up about 0.7%.

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