The US stock market has reached a new record. On Thursday, the Dow Jones Industrial Average and the S&P 500 index closed at their highest levels ever.
The S&P 500 rose by 0.32% to 6,501 points. Out of the 11 sectors in the index, 7 gained. The communication services sector saw the biggest jump with a 0.94% rise, followed by the energy sector, which climbed 0.68%.
The Dow Jones Industrial Average increased by 0.16% to 45,636 points.
The Nasdaq Composite, which is dominated by tech companies, gained 0.5% and came just 8 points short of hitting its own all-time high.
Nvidia’s share price fell by 1%, despite the company posting strong financial results. Meanwhile, other major tech stocks rose. Broadcom jumped nearly 3%, Alphabet went up 2%, while Apple and Amazon each gained 1%. However, Meta Platforms and Tesla both dropped by 1%.
Investors are now waiting for upcoming economic reports. These reports will show the state of employment and GDP, which could influence the US Federal Reserve’s decision on cutting interest rates. Last week, the Fed’s chair hinted that a rate cut could be possible.
