Stocks rise as traders reduce rate hike bets, oil prices drop | live
By Chris Prentice and Stefano Rebaudo NEW YORK/MILAN, Aug 13 (Reuters) - Stocks rose on Thursday as investors pared back U.S. rate hike bets, while oil prices dropped as higher inventories and lower global demand forecasts offset geopolitical concerns. U.S. producer price data, which was unchanged in July, reduced expectations for a Federal Reserve rate hike next month, helping tech stocks power the S&P 500 to an intraday record high.
By Chris Prentice and Stefano Rebaudo NEW YORK/MILAN, Aug 13 (Reuters) - Stocks rose on Thursday as investors pared back U.S. rate hike bets, while oil prices dropped as higher inventories and lower global demand forecasts offset geopolitical concerns. U.S. producer price data, which was unchanged in July, reduced expectations for a Federal Reserve rate hike next month, helping tech stocks power the S&P 500 to an intraday record high.
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