The major averages continue to grind higher with the S&P 500 closing at a new 52 week high as investors anticipate Fed rate cuts coming next month. The Dow Jones Industrial Average

 gained 463 points, or 1.04%, to 44,922, just under all time highs led by Nike, UnitedHealth, IBM and Apple. The S&P 500 rose 20 points to 6466. The Nasdaq Composite rose 31 points to 21,713. The Nasdaq also closed at a record high.

Tamer-than-expected inflation report that gave investors hope of a Fed rate cut in September. Traders are pricing in a near 100% chance of a rate cut at the Fed’s September meeting, per trading data from the CME’s FedWatch Tool. The 2-year Treasury yield was lower by 5 basis points to 3.68%, the 10-year Treasury yield was down nearly 6 basis points to 4.23% while the 30-year Treasury bond yield declined 6 basis points to 4.82%.

Housing and real estate stocks performed well today with lower interest rates. Healthcare performed well with Eli Lilly jumping 3% on insider buying. UnitedHealth and Merck both jumped 3%, leading the Dow higher.

Tech in general was quiet today. Only Apple and Amazon were higher among the large cap techs. In the chip space, AMD was a bright spot, up 5%.

Gold and oil were quiet today while bitcoin jumped 2% to new highs. Ether has also been on a tear up nearly 5% today.