US Markets Rally, S&P 500 Hits Record High
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US Markets Rally, S&P 500 Hits Record High
- The S&P 500 closed at a record high of 7,799 on Thursday, August 13, 2026, marking its 27th record close of the year.
- This surge was largely driven by a flat July producer price report, which eased concerns about potential Federal Reserve interest rate hikes.
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US equities experienced a boost on Thursday, August 13, 2026, with the S&P 500 reaching a new all-time high of 7,799. The benchmark index increased by 0.65%, while the Nasdaq Composite saw a gain of 0.81%, and the Dow Jones Industrial Average rose by 0.13%. This market rally was primarily fueled by investor enthusiasm for artificial intelligence and a softening in expectations for a near-term interest rate hike by the Federal Reserve.
The positive sentiment followed the release of the July 2026 Producer Price Index (PPI) for final demand, which remained unchanged. This data, reported by the U.S. Bureau of Labor Statistics on August 13, 2026, indicated a decrease in goods prices, particularly energy costs (down 3.1%), which offset a modest rise in services. Wholesale prices, on an unadjusted basis, increased by 4.7% over the 12 months ending in July. The cooling inflation figures led to a retreat in US bond yields, with the yield on the US 10-year Treasury Note easing to 4.65% on August 13, 2026.
In corporate news, QBE Insurance Group reported its half-year results for 2026 on August 13, 2026. The company announced a modest 1% rise in net profit after tax to US$1,033 million, with insurance revenue growing by 10% to US$11,953 million. QBE also declared an interim dividend of 33 Australian cents per share. The insurer maintained a strong return on equity of 17.7%, exceeding its medium-term goal.