🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Nasdaq, S&P 500 post all-time closing highs for 4th day as tech boosts

Published 2024/06/13, 12:32
Updated 2024/06/14, 00:50
© Reuters. FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 12, 2024.  REUTERS/Brendan McDermid

By Caroline Valetkevitch

NEW YORK (Reuters) - The S&P 500 and Nasdaq registered record closing highs for a fourth session in a row on Thursday as technology shares extended their recent rally.

The number of Americans filing new claims for unemployment benefits increased last week and another report showed producer prices unexpectedly fell in May, helping to keep alive hopes that an interest rate cut by the Federal Reserve may be on the horizon.

The Fed on Wednesday projected only one rate cut this year, while its outlook in March included three quarter-percentage-point reductions.

The S&P 500 technology sector jumped 1.4% and an index of semiconductors rose 1.5%, both reaching all-time closing highs.

Shares of Broadcom (NASDAQ:AVGO) jumped 12.3% after the chipmaker raised its forecast for revenue from semiconductors used in artificial intelligence technology. It also announced a 10-for-1 forward stock split.

Shares of Nvidia (NASDAQ:NVDA) rallied 3.5%, and Apple (NASDAQ:AAPL) ended up 0.5%.

"It's still very much a tech story" in stocks, said Paul Nolte, senior wealth advisor and market strategist for Murphy & Sylvest in Elmhurst, Illinois. "When you look at the broader market, you're not seeing the participation you would like to see from a healthier market."

The Dow Jones Industrial Average fell 65.11 points, or 0.17%, to 38,647.1, the S&P 500 gained 12.71 points, or 0.23%, at 5,433.74 and the Nasdaq Composite rose 59.12 points, or 0.34%, to 17,667.56.

After the closing bell, shares of Adobe (NASDAQ:ADBE) jumped more than 14% after the Photoshop maker beat Wall Street expectations for second-quarter revenue. The stock ended the regular session down 0.2%.

On Wednesday, new data showed a gauge of consumer prices was unchanged in May for the first time in almost two years.

Some investors are wondering whether the economy may be slowing too quickly.

The economically sensitive industrials sector fell 0.6% and the small-cap Russell 2000 index dropped 0.9%.

Tesla (NASDAQ:TSLA) shares gained 2.9%. Tesla shareholders were set to approve Elon Musk's $56 billion pay package.

Volume on U.S. exchanges was 10.14 billion shares, compared with the 12.49 billion average for the full session over the last 20 trading days.

© Reuters. FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 12, 2024.  REUTERS/Brendan McDermid

Declining issues outnumbered advancers on the NYSE by a 1.58-to-1 ratio; on Nasdaq, a 1.91-to-1 ratio favored decliners.

The S&P 500 posted 15 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 53 new highs and 129 new lows.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.