The stock market's broad index, the S&P 500, rose 0.7 percent to a new record high at the close, according to Bloomberg.
The Dow Jones Industrial Average and the tech-heavy Nasdaq Composite Index rose 0.1 and 0.8 percent, respectively.
The rise comes in the wake of new inflation figures from the US Department of Labor in the form of producer prices, which rose 4.7 percent in the US in July. This was a lower rate of increase than in June and below analysts' average expectations, which were for them to rise by 4.9 percent.
Oil prices have fallen in recent days. At the close of the US stock market, a barrel of North Sea oil cost just over $87, compared with around $89 two days ago.
