NEW YORK (AFP/APP): The S&P 500 finished above 5,000 for the first time, extending a rally on solid earnings and economic data that have raised confidence the US economy can avert recession.
Large tech companies such as Google parent Alphabet and Amazon continued to enjoy outsized support from investors, also lifting the Nasdaq.
“This is an environment that emphasizes the importance of following the leaders,” said Adam Sarhan of 50 Park Investments.
“When you look at the leading stocks in Wall Street, clearly you can see technology continues to lead time and time again.”
The broad-based index finished at 5,026.61, up 0.6 percent, notching its 10th closing record of 2024.
The tech-rich Nasdaq Composite Index jumped 1.3 percent to 15,990.66, while the Dow Jones Industrial Average dipped 0.1% to 38,671.69.
