Stock market today: Wall Street's record-breaking rally keeps going as stocks move higher
U.S. stocks are moving higher, sending Wall Street toward more records
NEW YORK — U.S. stocks are moving higher Wednesday to send Wall Street toward more records.
The S&P 500 was up 0.7% in afternoon trading and on track to set an all-time high for the 37th time this year. The Dow Jones Industrial Average was up 205 points, or 0.5%, as of 1:13 p.m. Eastern time, and the Nasdaq composite was adding 0.9% to its own record.
Big technology companies were leading the way, which has become the norm on Wall Street, and Taiwan Semiconductor’s U.S.-listed shares rose 3% after it said its revenue climbed nearly 33% in June from a year earlier.
Taiwan Semiconductor, or TSMC, makes the chips for Nvidia and others that have been driving the business world’s rush into artificial-intelligence technology. The promise of big profits in the future from AI has sent Nvidia in particular to breathtaking heights over the last year, and Nvidia rose another 2.5% Wednesday to bring its gain for the year so far to 171.8%. It was again the strongest single force pushing the S&P 500 upward.
The frenzy around AI has been a major reason the U.S. stock market has climbed to records despite a slowdown in the economy's growth and a tightening squeeze on lower-income households. So have hopes that inflation is slowing enough for the Federal Reserve to deliver much-sought cuts to interest rates later this year.
Fed Chair Jerome Powell returned to Capitol Hill to give testimony about interest rates, where he echoed many of his comments from a day before. He said he was “not sending any signals” about when cuts to rates could arrive, but he's aware of the risks of being too late on them.
“We're looking at both sides” of the risks of waiting either too long
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