US stocks saw a significant surge on Wednesday, with both the Nasdaq and the S&P 500 reaching record highs during the trading day. This increase was driven by consumer prices rising less than expected in April.
At the start of trading, the Dow Jones Industrial Average rose by 56.99 points, or 0.14%, reaching 39,615.10. The S&P 500 also saw a gain of 16.58 points, or 0.32%, reaching 5,263.26, while the Nasdaq Composite increased by 89.96 points, or 0.54%, to 16,601.14.
On the other hand, oil prices experienced a decline as the International Energy Agency (IEA) lowered its forecast for oil demand growth in 2024. Brent crude futures were down by 54 cents or 0.6% at $81.84 a barrel, while US West Texas Intermediate crude futures (WTI) fell by 50 cents or 0.6% to $77.52 a barrel.
Meanwhile, gold prices rose to a more than three-week high on Wednesday, supported by a weakening US dollar. Spot gold increased by 0.4% to $2,367.29 per ounce, while US gold futures rose by 0.6% to $2,372.70. Spot silver also saw a gain, rising by 1.5% to $29.03 per ounce.
Overall, the market movements on Wednesday reflected a mix of factors influencing different sectors, from stocks to commodities like oil and precious metals.