The S&P 500 advanced on Wednesday, helped by gains in technology stocks, after the index ended a seven-day winning streak in the
previous session.
The Dow Jones Industrials added 85.23 points to 34,662.50,
The S&P 500 regained 12.1 points to 4,355.64
The NASDAQ gained 55.09 points to 14,718.73, yet another intraday high for the index.
With falling rates and concern about peaking economic growth, investors have rediscovered their old Big Tech favorites. Apple and Amazon are both up double digit percentage returns over the past month, far outpacing the S&P 500’s 2.8% return.
Major technology names like Apple, Facebook and Google-parent Alphabet rose at the open on Wednesday. Shares of Amazon rose nearly 1% after the e-commerce giant gained nearly 5% in the previous session.
Energy stocks were in the green as oil prices increased. Occidental Petroleum, APA Corp. and Pioneer Natural Resources all rose more than 1%.
Bank shares including Goldman Sachs and Bank of America continued their retreat on Wednesday as long-term bond yields fell further, hurting the industry’s profitability prospects.
Investors will be listening to hear more clues on the direction of the Federal Reserve’s monetary policy when it releases its latest meeting minutes Wednesday afternoon.
The Fed’s minutes are expected to be dovish with the central bank looking for progress in the labour market and not worried that recent inflation will become a persistent trend.
Prices for 10-Year Treasurys gained ground, lowering yields to 1.32% from Tuesday’s 1.36%. Treasury prices and yields move in opposite directions.
Oil prices took on 72 cents to $74.09 U.S. a barrel.
Gold prices gained $10.80 to $1,805 U.S. an ounce.