S&P 500 index closes at all-time high as market bets on future rate cut

US stocks rose during today's trading amid a rebound in the energy and technology sectors as well as a rise in market expectations that the Federal Reserve will cut interest rates at next month's or September's meeting, a move that will reduce borrowing costs for companies.

This comes despite tensions in the markets after Iran dropped a US drone over the Strait of Hormuz, and President Donald Trump commented on the incident that Tehran made a serious mistake.

Government data showed the number of US jobless claims fell by 6,000 to 216,000 last week.

Whilst in the oil market, West Texas rose 5.4% (the biggest daily gain since December 2018) to close at $56.65 per barrel, the highest close since the end of May, with a high of $57.02 and the a low $54.11.

Brent rose 4.3% (the biggest daily gain since January) and closed at $64.45 per barrel, recording a high of $64.8 and a low of $62.4.

At the close of the trading session, Dow Jones rose 0.9% (249 points) to 26,753 points, with the highest level at 26,798 points and the lowest at 26,539 points.

Standard & Poor's 500 rose 0.9% (27 points) to 2,954 points, its highest close ever, reaching a high of 2,958 points and a low of 2931 points.

Nasdaq rose 0.8% (equivalent to 64 points) to 8,051 points, with the highest level at 8,088 points and the lowest level at 7,997 points.