Nasdaq, S&P 500 mark historic highs on Wednesday

(MENAFN) On Wednesday, the nasdaq and S&P 500 indices marked historic highs, buoyed by strong performances from tech giants like Nvidia and positive sentiment across major Wall Street firms. As reported by a UK-based news agency, these gains were propelled by anticipation surrounding upcoming inflation data and quarterly earnings reports due later in the week.

The Philadelphia Semiconductor index surged by 2.4 percent, reaching a new pinnacle. Nvidia, a prominent player in the semiconductor industry, saw its shares climb by 2.7 percent, while Micron Technology and Advanced Micro Devices recorded increases of 4 percent and 3.9 percent, respectively. These gains underscored investor confidence in the tech sector's resilience and growth prospects.

Apple also contributed to the market rally, with its shares rising by 1.9 percent to achieve a record high, thereby boosting its market capitalization to an impressive USD3.6 trillion. Meanwhile, the broader market showed robust performance, with the S&P 500 closing up by 1.02 percent at 5,633.91 points.

The Nasdaq Composite Index surged by 1.18 percent to settle at 18,647.45 points, while the Dow Jones Industrial Average also posted significant gains, rising by 1.09 percent to reach 39,721.36 points. These record highs reflect the overall optimism prevailing in the market, driven by strong corporate earnings expectations and investor confidence amidst ongoing economic data releases.

Looking ahead, market participants remain focused on upcoming economic indicators and corporate earnings reports, which will likely continue to influence trading sentiments and market dynamics in the days ahead. The performance of tech stocks and semiconductor companies, in particular, will be closely watched for signals about the broader market's direction and sustainability of the current rally.



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