The U.S. stock market had another big day on Wednesday. This was particularly the case for the S&P 500, which crossed the 5,600 mark for the first time ever while recording its seventh straight winning session.
S&P 500 soared 1.02% or 56.93 points to climb at a fresh record of 5,633.91 and is currently 18.79% up year-to-date. The index was helped by another session of big gains for tech stocks, as well as by Federal Reserve chair Jerome Powell’s recent comments about interest rate cuts.
During his testimony to Congress on Tuesday, Powell said that there are indicators showing that inflation is cooling down and the labor market is softening. He also pointed out that keeping interest rates could weaken the US economy, leading traders to pile up on bets that the interest rates will come down soon.
Nasdaq Composite also had a good session, climbing up 218.16 points or 1.18% to close at 18,647.45 on Wednesday. It is another all-time high closing mark for the tech-heavy index. Nasdaq also reached its all-time intraday record on the same day, soaring to 18,655.19 points at one point.
Finally, The Dow Jones Industrial Average also had a winning session and jumped 1.09% or 429.39 points to close at 39,721.36.