S&P 500 Hits Fresh Record on Indications Economy in Good Shape – US Market Wrap

Stocks rose on signs that the world’s largest economy is holding up, a day after speculation about Federal Reserve Chair Jerome Powell’s fate rocked markets. The dollar rose. Short-term bonds declined. The crypto industry received a significant boost after Congress passed the stablecoin bill.

Economically sensitive stocks rose on strong retail sales and a drop in jobless claims, with the S&P 500 momentarily surpassing 6,300 before closing at an all-time high. The Russell 2000 index of small businesses increased 1.2%. Tech rose as TSMC’s positive outlook boosted confidence in AI expenditure. Netflix announced solid earnings and boosted its projection.

After a brief break, the dollar resumed its march in July, which is expected to be its strongest month in 2025. Treasury two-year yields climbed, while 30-year bond yields remained relatively stable. Money markets have continued to price fewer than two Fed rate cuts this year.