S&P 500 crosses 5,600 points for first time

US stock indices rose during trading on July 10, ahead of the consumer price index report for June and in the wake of Federal Reserve Chairman Jerome Powell’s testimony regarding monetary policy before the Congress. Powell’s statement strengthened investor hopes for lowering of interest rates in the second half of the year.

The Dow Jones Industrial Average grew 1.1%, or 429 points, at 39,721.

The S&P 500 was up 56 points, or 1%, at 5,633, while the Nasdaq Composite rose by 218 points, or 1.2%, to around 18,647. Both benchmarks closed at record levels for the sixth straight session.

As for the European indices, STOXX Europe 600 inched up 0.9% to 516.4 points, rising for the first time since July 4.

The German DAX 40 inched up 0.95% to 18,407 points, while FTSE 100 added 0.65% to 8,193 points, and the French CAC 40 rose 0.85% to 7,573 points.

In Japan, the Nikkei index closed 0.6%, or 251 points, higher at 41,831 points, hitting a record close for the second consecutive session, while TOPIX also rose 0.45% to 2,909 points.

In the oil market, futures contracts for Brent crude for September delivery rose by 0.5%, or 42 cents, to $85.08 per barrel.

Meanwhile, prices of West Texas Intermediate (WTI) crude oil for August delivery inched up 0.85%, or 69 cents, to $82.10 per barrel.

Gold futures prices for August delivery increased by 0.5%, or $11.8, to $2,379.7 per ounce.