US stocks continue to rally towards historic highs

US stocks rose at the start of trading today with Dow Jones and Standard & Poor's rising to record highs as market expectations increased for a near Fed's rate cut.

Official data showed today that the US producer price index rose by 0.1% in June, after the CPI rose 0.1%.

The markets are anticipating a rate cut by the US central bank at this month's meeting following the announcement by its chairman, Jerome Powell, in his semi-annual testimony before the US Congress, in which he discussed the risks that surrounds the US economy as a result of the escalating trade war between the United States and China.

On the trading front, Dow Jones rose by 0.5% (equivalent to 133 points) to 27,220 points, Nasdaq rose 0.1% (11 points) to 8,207 points, while rising Standard & Poor's rose by 0.1% (three points) to 3003 points.