The S&P 500 and the tech-heavy Nasdaq continue to reach to record highs on Wall Street.
Wednesday’s record closing comes after strong trading on so-called “Magnificent Seven” stocks and the prospect of a rate cut.
Lee Seung-jae has more.
With market expectations rising over the prospect of the U.S. Federal Reserve making a rate cut come September, Wall Street on Wednesday responded positively.
The S&P 500 saw its index close above the 5-thousand-600 level for the first time ever, closing its trading session at 5-thousand-633-point-nine-one, up 56-point-nine-three points, or one-point-zero-two percent from the previous day.
The index which tracks the stock performance of 500 of the largest companies listed on Wall Street,.. continued its strong momentum, as it surpassed the 56-hundred mark, just six trading sessions after it surpassed the 55-hundred mark for the first time.
The tech-heavy Nasdaq also continued its hot streak, soaring 218-point-one-six points, or one-point-one-eight percent, to reach yet another all-time high closing figure of 18-thousand-647-point-four-five.
Wednesday’s record figures come as the Consumer Price Index for June is set to be released on Thursday, while the Producer Price Index will be announced on Friday.
Wall Street’s positive run also came thanks to gains from the so-called “Magnificent Seven” stocks, seven of the biggest-performing tech stocks in the U.S.
Apple closed one-point-eight-eight percent higher at 232 dollars and 98 cents, as buyers outnumbered sellers for seven straight trading sessions.
Chip giant Nvidia climbed two-point-six-nine percent, to close at 134 dollars and 86 cents, while Tesla extended its gains for the 11th straight trading session.
The Magnificent Seven stocks accounted for more than half the S&P 500′s gain in 2023, as it looks to continue that momentum this year.
Lee Seung-jae, Arirang News.
Source : Arirang TV, https://www.arirang.com/news/view?id=273138
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