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 272.68 points midday Wednesday to 47,979.05.
The S&P 500 acquired 17.63 points to 6,908.52.
The NASDAQ gained 124.31 points to 23,951.80
All three leading U.S. indexes scored new all-time intraday highs in the trading day.
Investors expect the stock market will keep having its way so long as it’s able to make it through a rapid succession of tests this week.
The Fed is widely expected to cut rates by a quarter point at the conclusion of its meeting Wednesday, but less certain is whether Chair Jerome Powell will strike a dovish tone in his post-meeting comments. Investors are counting on another interest rate cut from the central bank at its December meeting.
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 73 cents to $60.88 U.S. a barrel.
Gold prices surged $31.40 to $4,014.50 U.S. an ounce.
