Wall Street closes higher as momentum stocks push S&P 500, Nasdaq to new highs
U.S. stocks surged on Wednesday, pushing the S&P 500 to its fourth straight record closing high, as investors stayed focused on large-cap momentum stocks that have outperformed since the onset of the coronavirus pandemic.
The Dow Jones Industrial Average rose 83.48 points, or 0.3%, to 28,331.92, the S&P 500 gained 35.11 points, or 1.02%, to 3,478.73 and the Nasdaq Composite added 198.59 points, or 1.73%, to 11,665.06.
The Nasdaq also set an all-time closing high, its 39th year-to-date, compared with a total of 31 reached in all of 2019.
The Dow, which remains 4.1% below its pre-COVID record, and 0.7% off showing a year-to-date gain, posted a more modest advance.
The U.S. Federal Reserve is expected to unveil a new framework intended to soften the central bank’s inflation stance, which Chairman Jerome Powell is expected to address during his remarks on Thursday as part of the Kansas City Fed’s virtual Jackson Hole symposium.
Reference: Reuters
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