HomeFinancial MarketsS&P 500 Nears Record as U.S. Stocks Continue to Rise

S&P 500 Nears Record as U.S. Stocks Continue to Rise

The benchmark S&P 500 approached an all-time record of 4,796.56 on Wednesday with the index stopping just short of closing on this figure. For the year to date, the S&P 500 has risen by over 24%.

Both the S&P 500 and the tech-heavy Nasdaq Composite closed 0.1% higher on Wednesday, while the Dow Jones Industrial Average led gains with a 0.3% rise. The Nasdaq Composite has surged by 44% since the start of the year, while the Dow Jones Industrial Average has advanced by 13% in 2023.

Markets remain on track to achieve a second consecutive monthly gain. After markets closed on Wednesday, the S&P 500 was on track to its ninth consecutive weekly rise. Should the index remain on this path, it will achieve its longest winning streak since 2004. The ongoing stock rally comes as investors raise bets on the Federal Reserve introducing interest rate cuts early next year as data continues to indicate cooling inflation.

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