U.S. stocks rose to record levels on Wednesday, boosted by tech names, ahead of the Federal Reserve’s interest rate decision.
The Dow Jones rocketed 248.67 points Wednesday to 47,955.04.
The S&P 500 acquired 21.58 points to 6,912.47.
The NASDAQ gained 164.21 points to 23,991.70.
All three leading U.S. indexes scored new all-time intraday highs in the trading day.
Nvidia shares were up more than 4%, putting the chipmaker’s market capitalization above $5 trillion.
It’s the first time a U.S. company reached such a valuation. The move put the stock on track for a five-day winning streak as well as its first back-to-back 4% gain since May. AMD followed Nvidia higher, rising 2%, while Micron jumped 3%.
The five “Magnificent Seven” companies set to report this week are expected to continue spending on building data centers, but any disappointment from the megacap behemoths could hurt the broader market.
Alphabet, Meta Platforms and Microsoft are set to report after the close on Wednesday. Apple and Amazon post results on Thursday.
Trade tensions between the U.S. and China already appear to have alleviated after progress over the weekend, but investors are now awaiting what comes of President Donald Trump’s meeting with Chinese President Xi Jinping in South Korea.
Prices for the 10-year Treasury slid, raising yields to 4% from Tuesday’s 3.98%. Treasury prices and yields move in opposite directions.
Oil prices gained 36 cents to $60.51 U.S. a barrel.
Gold prices surged $51.10 to $4,034.20 U.S. an ounce.
