S&P 500 rises to a record close, lifted by tech shares
Stocks rose for a fourth straight session on Tuesday, as artificial intelligence names continued to outperform during a holiday-shortened week.
The S&P 500 added 0.46%. The broad market index is now just below its its intraday all-time high of 6920.34. The broad market index posted a new closing record.
The Nasdaq Composite climbed 0.57%, bolstered by tech names such as Nvidia and Broadcom, which rose 3% and 2%, respectively. The Dow Jones Industrial Average rose 79.73 points, or 0.16%.
Traders continued to bet the Federal Reserve will lower its benchmark rate next year even after the release of new economic data that came in well above expectations. The Commerce Department reported that the U.S. economy expanded at 4.3% pace in the third quarter, much better than the 3.2% estimate that economists polled by Dow Jones had forecast.
The report — which was postponed from its planned release date of Oct. 30 because of the record-breaking U.S. government shutdown – initially spooked investors into believing an interest rate cut from the Federal Reserve in early 2026 is less likely. Stocks began the trading day slightly lower but later recovered.
Fed funds futures traders are still pricing in two rate cuts by the end of next year, the CME FedWatch Tool showed.
Source : Cnbc.com
