Wall Street's three major indexes rose more than 1%, with the S&P 500 and Nasdaq Composite hitting record highs and closing higher for the third straight session.
As if two consecutive sessions weren't enough, the S&P 500 and Nasdaq Composite once again ended Wednesday's session with record closes and touched their all-time highs during trading at 5,635.39 and 18,655.19 points.
The gains were supported by a rise in the value of shares of listed companies with the largest market capitalizations, including large technology companies, such as Nvidia – whose shares rose 2.69% to approach a level it has not reached before.
At the end of the session, the S&P 500 ended up 1.02% at 5,633.91 points. points, up for the seventh straight session, while the technology-heavy Nasdaq Composite Index gained 1.18% to 18,647.45 Points, both in closing records. The Dow Jones Industrial Average added 1.09%. 39,721.36 points, leaving behind two down sessions.
It was the 36th session in which the S&P 500 hit a level not seen before this year, riding on greater optimism about artificial intelligence and other technology companies and overcoming uncertainty surrounding the Federal Reserve’s plans to cut interest rates.
Investors were digesting today's testimony from Federal Reserve Chairman Jerome Powell, In the House of Representatives. Powell said that while he could not yet conclude that inflation was on track to reach the 2% target, he expressed “some confidence” that it was happening, and his participation in the House of Representatives is expected to include June inflation figures, due on Thursday, and producer prices due on Friday.
Economists expect inflation to accelerate in June by 0.1% month-on-month and 3.1% year-on-year. Core inflation is expected to rise by 0.2% from May and 3.4% from June last year.
Among the major market moves, Apple shares rose 1.88% to $232.98, a record closing price, after hitting an all-time high of $233.08 during the session. The day’s gains allowed the Apple company to reach a market value of $3.6 billion.
TSMC shares rose 3.54% after it revealed that second-quarter revenue was slightly higher than analysts had expected. TSMC’s gains extended to other listed companies such as Arm Holdings (2.29%) and Micron Technology (4%).
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