Markets Soar to Records as Tech Shares Lead Charge
The S&P 500 and Nasdaq Composite scaled new heights on Wednesday, with tech shares propelling the gains following strong reports from Salesforce and Marvell Technology. The S&P 500 rose 0.61% to close at 6,086.49, while the Nasdaq advanced 1.3% to 19,735.12. The Dow Jones Industrial Average also joined the party, surging 308.51 points to 45,014.04.
Salesforce surged nearly 11% after beating earnings estimates, while Marvell Technology climbed 23% after posting stronger-than-expected earnings and issuing upbeat guidance. The Technology Select Sector SPDR Fund (XLK) reached its first all-time high since July, driven by the strong performance of tech stocks.
The record-breaking day comes ahead of the release of new US employment data on Friday, which is expected to show the economy added 214,000 jobs in November. However, a report from ADP on Wednesday revealed that private payrolls grew less than expected in November, adding 146,000 positions.
Investors are awaiting the Fed’s next policy moves, with Chairman Jerome Powell cautioning that the economy was strong enough to proceed with caution on rate cuts. Despite this, markets showed little reaction to Powell’s comments, with many citing the continued strength of the labor market and growth in the economy.