Nvidia Drives Nasdaq and S&P 500 to Record Highs
Rabii Bou Shahin
Financial Advisor @ Life Line International 360° | Awarded Investment and Insurance Professional
The Nasdaq and S&P 500 indices soared to record high closes on Wednesday, driven by significant gains in Nvidia and other major Wall Street players. This rally marks the seventh consecutive record high for the Nasdaq and the sixth for the S&P 500. Notably, the S&P 500 surpassed the 5,600 mark for the first time, following Federal Reserve Chair Jerome Powell's comments that heightened expectations for a potential interest rate cut in September.
In his second day of testimony before Congress, Powell indicated that while he is not yet ready to declare inflation is sustainably moving towards the 2% target, he does hold "some confidence" in this direction.
The Philadelphia Semiconductor Index also experienced a notable surge, climbing 2.4% to a new record high. This boost was largely attributed to strong quarterly revenue reports from Taiwan Semiconductor Manufacturing Co.
As we await inflation data and quarterly earnings reports due later this week, these developments underscore the dynamic and responsive nature of the market.
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