HomeFinancial MarketsS&P 500 and Nasdaq Hit Record Highs Fueled by Rising Tech Stocks

S&P 500 and Nasdaq Hit Record Highs Fueled by Rising Tech Stocks

The U.S. stock market had another big day on Wednesday thanks to the S&P 500 and Nasdaq reaching record highs. The jump in the two indexes was fueled by rising tech stocks of Apple, Microsoft, Nvidia, and Oracle.

S&P 500 saw a 0.85% increase to climb to 5,421.03 points, while Nasdaq closed at 17,608.44 points following a 1.53% surge. The Dow Jones Industrial Average, which doesn’t feature prominent tech stocks, went down 0.091% to 38,712.21 points.

However, not everyone views the recent surge in tech stock as beneficial for the market.

“This is very much a two-tiered market,” Wealth Alliance President and Managing Director Eric Diton told Yahoo Finance. “It’s a narrow market, advanced declines going the wrong way, new highs and new lows going the wrong way. I don’t even want to talk to you about small cap stocks -4% a year for last three years. So it’s these big tech stocks. That are carrying the day. How high do they go? No one knows.”

The U.S. stocks also benefited from the favorable Consumer Price Index (CPI) for May. The data showed a cooling inflation, which came at 3.3% compared to the expected at 3.4%. The core inflation, which excludes prices of food and energy, came at 3.4% versus an estimated 3.6%. As a result, the Federal Reserve opted to keep interest rates steady at their most recent meeting.

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