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U.S. stocks finished sharply higher on Tuesday, with the S&P 500 and Nasdaq Composite booking fresh records after the July consumer-price index showed that consumer prices have only risen slightly due to President Donald Trump's tariffs.
The S&P 500 gained 72.31 points, or 1.1% to end at 6,445.76, its 16th record close of the year, according to FactSet data.
The Nasdaq Composite advanced 296.50 points, or 1.4% to finish at 21,681.90, its 19th record close of 2025.
The Dow Jones Industrial Average was up 483.52 points, or 1.1%, ending at 44,458.61. That was the largest one-day point and percentage gain for the blue-chip index in over a week, according to Dow Jones Market Data.
(Reuters) - Oil prices dipped on Tuesday as traders awaited an inventory report from the U.S. Energy Information Administration and began looking toward declining demand at the end of the summer driving season in early September.
Brent crude futures settled at $66.12 a barrel, down 51 cents, or 0.77%. U.S. West Texas Intermediate crude futures finished at $63.17, down 79 cents, or 1.24%.
"It really is seasonal factors," said John Kilduff, a partner at Again Capital. "We're not getting any lift from the stock market and the inflation report was positive and points to a rate cut."
U.S. consumer prices increased in July as tariff-induced rising costs for imported goods helped to drive the strongest gain in six months for one measure of underlying inflation.
Kilduff said demand for diesel, which has driven oil demand, appeared to be flagging. Inventory reports from the American Petroleum Institute and EIA on Tuesday and Wednesday, respectively, may show signs of falling demand.
Outlooks issued by OPEC and the EIA pointed to increased production this year, but both expect U.S. output to decline in 2026 while other regions of the globe will increase oil and natural gas production.
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