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US stocks: S&P 500 notches record-high close as rate-hike worries ease

economictimes.indiatimes.com · 3h · first reportShare

The S&P 500 notched a ​record-high close on Thursday, fueled by advances in Sandisk and other heavyweight technology stocks, as tame producer price inflation data supported expectations the Federal Reserve will not raise interest rates at its September meeting.Memory ‌chip makers Sandisk ⁠and Micron ⁠Technology surged, while Broadcom and Meta Platforms also gained.Strong forecasts in recent weeks from companies including Microsoft and ​Amazon have reduced investors' concerns about massive spending on AI data centers."The AI earnings-driven tech boom ​continues," said Jay Hatfield, CEO of Infrastructure Capital Advisors in New York. "It's an earnings boom, not a bubble."According to preliminary data, the S&P 500 gained 51.23 points, or 0.66%, ​to end at 7,799.73 points, while the Nasdaq Composite ⁠gained 215.02 ‌points, or 0.81%, to 26,803.51. The Dow Jones Industrial Average rose ​70.91 points, or ​0.13%, to 53,833.87.The S&P 500 is up about 14% in ⁠2026, while the Nasdaq has gained ab