He added that the S&P 500 and Nasdaq drove much of the momentum, as investors closely watched whether the inflation numbers would influence the US Federal Reserve’s September rate decision.
In New York, Tuesday’s trading saw the Dow Jones industrial average rise 483.52 points to 44,458.61, the S&P 500 advance 72.31 points to 6,445.76, and the Nasdaq composite jump 296.50 points to 21,681.90.
The S&P 500 increased 1.1 percent to surpass its all-time high set two weeks earlier, while the Nasdaq gained 1.4 percent to set its own record, reported by The Canadian Press.
Nia noted that the US inflation report boosted the odds of multiple rate cuts this year, though he cautioned that valuations remain high, markets are “priced for perfection,” and September is historically a weaker month.
He added that while the probability of a US recession over the next six months remains low, short-term caution may be warranted.