US stocks build on record highs as tech shares gain and Fed policy stays supportive
- The S&P 500 closed at a record high Thursday and pushed closer to the 4,100 mark.
- Technology shares fronted gains among stocks as Treasury yields declined.
- Equities advanced as the Federal Reserve indicates it will stick with monetary policy accommodative to economic recovery.
Wall Street notched a new record high for stocks on Thursday, with tech shares leading the way after the Federal Reserve signaled its willingness to keep monetary policy directed toward supporting the recovery of the world's largest
The S&P 500 ended on its strongest level on record, adding to its highest close ever in the previous session. The benchmark's information technology sector fronted the advance while blue-chip stocks tracked on the
- S&P 500: 4,097.16, up 0.42%
- Dow Jones Industrial Average: 33,502.40, up 0.17% (56.14 points)
- Nasdaq Composite: 13,829.31, up 1.03%
"While the economy is showing signs of recovery and
"In the last week, after a strong jobs and ISM services reports, yields trended lower. This means that people are starting to believe that the Fed will remain patient on its policy - taking their word on their consistent policy statements," said Wagner.Around the markets, Microsoft approached $2 trillion in market value as its stock hits a record high. GameStop shares turned lower, giving up earlier gains that came after the video game retailer said it plans to elect Reddit favorite Ryan Cohen as chairman.
Trading app Robinhood reportedly failed to disclose data on certain stock trades for more than a year.
Billionaire tech investor Peter Thiel warned bitcoin might serve as a Chinese financial weapon against the US - and says it threatens the dollar.Gold rose 0.6% to $1,753.20 per ounce. Long-dated US Treasury yields fell, with the 10-year yield down at 1.647%.
Bitcoin rose 3.3% to $57,954.
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