We’ve watched the stock of many major tech companies soar to new heights this week, and the S&P 500 followed suit. As markets moved higher in mid-day trading on Wednesday, the S&P 500 index managed to reach an all-time high due to a rally in big tech, briefly trading above 6,100.
Wall Street’s benchmark index S&P 500 was up by nearly 1%, trading above 6,100 and beating a prior record it hit back in December. It was also a good day for the Dow Jones Industrial Index, which gained 127 points, inching towards 44,200.
Several factors contributed to the S&P 500’s record-breaking boost, including the recent rise of the Netflix stock. Its shares jumped by 11% after the streaming giant’s strong quarterly performance, followed by an increase in prices for most of its service plans.
The launch of the $500 billion AI infrastructure venture “The Stargate Project” earlier this week also helped the S&P 500 soar. Oracle experienced a 7% rise, while Softbank’s US-listed shares added 10%. They’re two of the partners involved in Stargate, along with OpenAI and MGX. Three tech giants set to handle Stargate’s technology also experienced a boost – Nvidia added 4.1%, Arm Holdings surged 14%, and Microsoft was up 3.9%.