Traders
work
on
the
floor
of
the
New
York
Stock
Exchange.
Brendan
McDermid
|
Reuters
The
S&P
500
climbed
Wednesday
to
a
fresh
record,
breaking
above
5,600
for
the
first
time,
as
a
sharp
rise
in
semiconductor
stocks
led
the
market
higher.
The
broad
market
index
jumped
1.02%,
closing
at
5,633.91,
and
notching
a
seventh
straight
day
of
gains.
The
Nasdaq
Composite
advanced
1.18%,
also
hitting
an
all-time
high
and
ending
at
18,647.45.
It
was
the
37th
record
close
in
2024
for
the
S&P
500,
and
the
27th
for
the
tech-heavy
Nasdaq.
The
Dow
Jones
Industrial
Average
added
429.39
points,
or
1.09%,
to
close
at
39,721.36.
Chip
stocks
were
among
the
largest
winners
of
the
session.
Taiwan
Semiconductor
added
3.5%
after
revenue
from
April
to
June
came
in
ahead
of
Wall
Street
estimates.
Peer
chip
firm
Qualcomm
ticked
higher
by
0.8%,
and
Broadcom
rose
about
0.7%.
Artificial
intelligence
darling
Nvidia
climbed
2.7%.
The
S&P
500
reached
a
fresh
all-time
high
Wednesday.
Those
moves
come
as
investors
await
fresh
inflation
figures
on
Thursday
with
the
release
of
the
June
consumer
price
index
report.
The
data
follows
comments
from
Federal
Reserve
Chair
Jerome
Powell
on
Tuesday
and
Wednesday
that
has
fueled
investor
hopes
for
a
rate
cut
in
the
second
half
of
the
year.
“There
are
some
things
out
there
that
look
kind
of
frothy,
but
there’s
no
indication
yet
that
[megacap
technology]
earnings
can’t
support
those
valuations,”
said
Scott
Welch,
chief
investment
officer
at
Certuity.
“It’s
important
to
remember
that
seven
to
10
stocks
constitute
30%
to
40%
of
the
S&P
500
market
cap
…
if
there’s
any
slippage
it’s
going
to
have
an
amplified
effect.”
Economists
polled
by
Dow
Jones
expect
a
0.1%
month-over-month
advance
and
a
3.1%
year-on-year
gain.
Core
CPI,
which
excludes
energy
and
food
prices,
is
forecast
to
have
expanded
0.2%
from
the
prior
month
and
3.4%
from
a
year
earlier.
The
producer
price
index
is
set
for
release
Friday.
