The Globe and Mail reports in its Thursday edition that stocks gained ground on Wednesday as softening U.S. inflation data and a robust beginning of second-quarter earnings season put investors in a buying mood. A Reuters dispatch to The Globe says Canada's main index edged to a fresh record high, while all three major U.S. stock indexes closed modestly higher. A second day of solid U.S. bank earnings added momentum to an auspicious beginning to second-quarter reporting season. Strength in U.S. banks set the tone for Canadian financials, which were among the biggest advancers on Bay Street. Analysts expect second-quarter year-on-year S&P 500 earnings growth of 23.7 per cent. The Labor Department's Producer Price Index (PPI) report provided a second straight day of cooler-than-expected U.S. inflation data. Financial markets are pricing in a 10.2-per-cent likelihood that the U.S. Federal Reserve will implement a 25-basis-point rate hike at the conclusion of this month's monetary policy meeting, down from 31 per cent a week ago. The S&P/TSX Composite Index ended up 95.66 points at 35,416.20, eclipsing the record closing high it posted on June 16. The price of oil settled slightly higher at $79.60 (U.S.) a barrel.