Major US stocks closed with gains of more than one per cent on Tuesday, with both the S&P 500 and Nasdaq Composite settling at fresh record highs after lower-than-expected retail inflation data for the month of July boosted prospects of a Federal Reserve interest rate cut next month.
The benchmark S&P 500 climbed 1.13 per cent to close at 6,445.76, while the tech-heavy Nasdaq Composite jumped 1.39 per cent, closing at 21,682, and the Dow Jones Industrial Average added 1.1 per cent, ending the day at 44,458.61.
Figures released by the US Bureau of Labor Statistics on Tuesday showed that on a monthly basis, the consumer price index, CPI, rose 0.2 per cent last month after gaining 0.3 per cent in June. However, it remained unchanged at 2.7 per cent on a yearly basis in July.
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