06/06/2024

S&P 500 Closes at a Record on Wednesday

This was powered by Nvidia’s rise and rate cut hopes

The S&P 500 rose to a fresh record Wednesday as Nvidia led major tech stocks higher and slightly weak labor market data gave investors hope the Federal Reserve might move to lower interest rates later this year.

The broad market index rose 1.18 percent to close at 5,354.03, a fresh record. The S&P 500 also hit a new intraday all-time high of 5,354.16. The new milestones come after the index suffered through a couple of sluggish weeks, and it is now up 12.3 percent year to date.

The Nasdaq Composite advanced 1.96 percent to 17,187.90, also a new record, as Nvidia shares jumped. The Dow Jones Industrial Average trailed a bit as stocks outside of technology underperformed, adding 96.04 points, or 0.25 percent, to finish the session at 38,807.33.

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