S&P 500 Crosses 6,100 Milestone
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US stocks continued their upward momentum on Wednesday as strong corporate earnings and encouraging business developments fuelled investor optimism.
At the same time, markets remained focused on the potential impact of new policy shifts under President Trump.
The S&P 500 climbed 0.9%, crossing the 6,100 milestone for the first time, while the Nasdaq 100 surged 1.7% and the Dow Jones Industrial Average posted a more modest 170-point gain.
Tech stocks led the charge, with Netflix skyrocketing 12% after reporting a record-breaking increase in new subscribers.
Oracle also made headlines, soaring 11%—pushing its weekly gains to nearly 20%—following the announcement of a joint venture with SoftBank and OpenAI to drive a large-scale artificial intelligence (AI) investment initiative.
Nvidia and Microsoft both rallied over 4%, continuing the tech sector’s dominance.
Outside of tech, strong earnings reports drove gains for major companies. Procter & Gamble added 2.5%, while United Airlines climbed almost 4% on the back of robust quarterly results.
However, while large-cap stocks thrived, smaller-cap equities struggled amid renewed concerns over trade tensions.
President Trump’s latest statements on tariffs against China, alongside pledges for import taxes on goods from Canada and Mexico, created uncertainty about the economic impact of his protectionist policies.
Data: Trading Economics