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The S&P 500 climbed to a fresh record on Wednesday, as stocks remain resilient despite President Donald Trump’s threat of more tariffs and a continuously cautious Federal Reserve.
The Dow Jones Industrials regained strength, picking up 71.25 points to conclude Wednesday at 44,627.59
The much-broader index moved higher 14.57 points to 6,144.15
The tech-heavy NASDAQ advanced 14.99 points to 20,056.25
Shares of Microsoft gained 1% and led the broader technology sector higher after the company unveiled its first ever quantum computing chip. Nvidia added 1% while Tesla climbed more than 2%. Analog Devices stock surged nearly 10% after posting better-than-expected quarterly results on the top and bottom line.
The S&P 500 energy sector bucked the trend with a gain of 1.4%. The broad market index on Tuesday climbed to an all-time high, even as concerns around sticky inflation and President Donald Trump’s trade policies persist. The benchmark hit an intraday record of 6,129.63 and earned a record close at 6,129.58.
Trump Tuesday floated the notion of imposing a 25% tariff on imported autos, chips and pharmaceuticals. Trump did not specify whether or not the potential duties would be targeted or broad, but did say they could be implemented as soon as April 2.
Additionally, investors weighed the minutes from the latest Federal Reserve meeting, which showed that central bank officials want to see more progress on inflation before cutting interest rates further, and also are concerned about the impact of Trump’s tariffs.
Prices for the 10-year Treasury gained more ground, lowering yields to 4.53% from Tuesday’s 4.55%. Treasury prices and yields move in opposite directions.
Oil prices progressed 46 cents to $72.31 U.S. a barrel.
Prices for gold squeezed higher by 60 cents an ounce to $2,949.60 U.S.
