S&P 500 Notches Closing Record After Cooler PPI Data Surprise
A worker uses a brushing machine to refinish reclaimed wooden siding at a sawmill in Pine Plains, New York.
Photographer: Angus Mordant/BloombergStocks advanced again on Wednesday after a cooler-than-expected producer inflation report fueled hopes for an outsized interest rate cut next week and strategists across Wall Street raised their outlooks on the US stock market.
The S&P 500 Index ended the session 0.3% higher in New York, touching another closing record. Oracle Corp. was the top-performing stock in the index after posting its largest single-day gain since 1992 on an aggressive outlook for its cloud business. The forecast follows an upbeat revenue outlook for Alphabet Inc.’s cloud computing division.