S&P Tops 5,600 for First Time, NASDAQ Also Peaks

The S&P 500 climbed Wednesday to a fresh record, breaking above 5,600 for the first time, as a sharp rise in semiconductor stocks led the market higher.

The Dow Jones Industrials rumbled 429.13 points, or 1.1%, higher to close Wednesday at 39,721.10.

The much-broader index gained 56.89 points or 1%, to 5,633.87, reaching a fresh record high and on track for its seventh straight day of gains.

The NASDAQ climbed 218.16 points, or 1.2%, to 18,674.45, also hitting an all-time high.

Chip stocks were among the largest winners of the session. Stock in Taiwan Semiconductor added nearly 3% after revenue from April to June came in ahead of Wall Street estimates. Peer chip firms Qualcomm and Broadcom traded marginally higher, while artificial intelligence darling Nvidia climbed 2%.

Prices for the 10-year Treasury edged higher, lowering yields to 4.28% from Thursday’s 4.29%. Treasury prices and yields move in opposite directions.

Oil prices gained 94 cents at $82.35 U.S. a barrel.

Gold prices bounced $10.00 to $2,385.10

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