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The Dow added 463 points on Wednesday, as interest rate cut optimism continued to give the market a boost. The S&P 500 and Nasdaq scored fresh record closes despite pulling back from their session peaks, with the latter also nabbing its fifth daily gain in six. Traders are now shifting their attention to the release of the producer price index (PPI) for July, which is due out tomorrow and will offer more insight into the state of the economy.
Continue reading for more on today's market, including:
Oil prices fell on Tuesday after a surprise increase in U.S. crude supplies. News that President Donald Trump could impose sanctions against Russia kept losses in check, however. September-dated West Texas Intermediate (WTI) shed 52 cents, or 0.8%, to close at $62.65 per barrel.
Gold prices edged higher as the U.S. dollar gained strength and Treasury yields cooled, with traders now hoping for an interest rate cut in September. August-dated gold futures added 0.3% to settle at $3,408.50 per ounce.
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