It was a stellar day for US indices with the major indices all rising by over 1.1%. The Russell 2000 at a stellar day with a gain of 2.99%. That was its largest one-day gain since May 12 when the index rose 3.41%.

Both the S&P and the NASDAQ indices closed at record levels and near session highs.

A snapshot of the closing levels shows:

Dow industrial average rose 483.52 points or 1.10% at 44458.61.
S&P index rose and 72.31 points or 1.13% at 6445.76.
NASDAQ index rose 296.50 points or 1.39% at 21681.90.
Russell 2000 surged by 66.26 points or 2.99% at 2282.77.

The CPI data was as expected and didn’t scare the market away from the chance of a September rate cut. The market has priced in around 60 basis points of cuts between now and the year-end.

U.S. airline stocks surged after July airfare data showed a 4% rise—the first increase in six months—signaling improved pricing power as carriers scale back capacity to match softer demand. American Airlines rose 12.22%, United Airlines rose 10.19%, Delta Air Lines rose 9.23% and Southwest Airlines rose 5.73%..

Cheer! Cheer for another record close.