The Smartest Investors Club
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Smartest Investors Club

Business

S&P 500 closes above 5,600 for the first time, lifted by gains in Big Tech

by July 11, 2024
July 11, 2024
S&P 500 closes above 5,600 for the first time, lifted by gains in Big Tech

The S&P 500 climbed Wednesday to a fresh record, breaking above 5,600 for the first time, as a sharp rise in semiconductor stocks led the market higher.

The broad market index jumped 1.02%, closing at 5,633.91, and notching a seventh straight day of gains. The Nasdaq Composite advanced 1.18%, also hitting an all-time high and ending at 18,647.45. It was the 37th record close in 2024 for the S&P 500, and the 27th for the tech-heavy Nasdaq. The Dow Jones Industrial Average added 429.39 points, or 1.09%, to close at 39,721.36.

Chip stocks were among the largest winners of the session. Taiwan Semiconductor added 3.5% after revenue from April to June came in ahead of Wall Street estimates. Peer chip firm Qualcomm ticked higher by 0.8%, and Broadcom rose about 0.7%. Artificial intelligence darling Nvidia climbed 2.7%.

Those moves come as investors await fresh inflation figures on Thursday with the release of the June consumer price index report. The data follows comments from Federal Reserve Chair Jerome Powell on Tuesday and Wednesday that has fueled investor hopes for a rate cut in the second half of the year.

“There are some things out there that look kind of frothy, but there’s no indication yet that [megacap technology] earnings can’t support those valuations,” said Scott Welch, chief investment officer at Certuity. “It’s important to remember that seven to 10 stocks constitute 30% to 40% of the S&P 500 market cap … if there’s any slippage it’s going to have an amplified effect.”

Economists polled by Dow Jones expect a 0.1% month-over-month advance and a 3.1% year-on-year gain. Core CPI, which excludes energy and food prices, is forecast to have expanded 0.2% from the prior month and 3.4% from a year earlier. The producer price index is set for release Friday.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Barcelona protesters throw items and spray travelers with water while shouting ‘tourists go home’
next post
The Fed may soon cut interest rates. That could make your next trip abroad more expensive

You may also like

Rent up, groceries down: Inflation cooled slightly in...

Women’s college basketball final expected to set new...

Private equity firms circle Peloton for potential buyout

Tesla job cuts heighten Wall Street concerns that...

MrBeast sues his food delivery partner over ‘low...

SEC Chair Gary Gensler will step down Jan....

Federal prosecutors are examining financial transactions at Block,...

Square outage costs small-business owners thousands in lost...

JPMorgan begins suing customers who allegedly stole thousands...

Nvidia to report earnings amid infrastructure spending, DeepSeek...

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Sycamore Gap: Two men convicted of felling one of UK’s most famous...

    • Putin, Xi and friendly world leaders celebrate Russia’s Victory Day at Moscow Parade

    • Ellen Miles is planting seeds of hope through guerrilla gardening

    • US Policy Momentum, Clinical Progress Fueling Psychedelics Market in 2025

    • China has spent billions developing military tech. Conflict between India and Pakistan could be its first major test

    Categories

    • Business (1,633)
    • Investing (4,791)
    • Politics (7,535)
    • World (6,128)
    • Terms & Conditions
    • Privacy Policy
    • About us

    Disclaimer: thesmartestinvestorsclub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 thesmartestinvestorsclub.com | All Rights Reserved


    Back To Top