4 US Indexes Close at Record Highs – US Market Wrap

Wall Street’s expectations that Fed rate cuts will continue fueling Corporate America pushed equities to fresh records, with traders rotating into the market’s riskier areas.

Just a day after the Fed delivered its first cut this year and hinted at the possibility of more, a surge carried the S&P 500, Nasdaq 100, Dow Jones Industrial Average and Russell 2000 to all-time peaks — a milestone reached on only 25 other occasions this century.

More than 300 stocks in the S&P 500 advanced, led by gains in technology. The Nasdaq 100 rose 1.1%. A $5 billion injection from Nvidia into Intel sent the struggling chipmaker soaring 23%. The Russell 2000 climbed 2.5%.

Treasuries gave up earlier gains after figures showed jobless claims fell by the most in nearly four years, signaling companies are still retaining workers.