S&P 500 ekes out record close as Wall Street weighs new round of stimulus talks
The S&P 500 rose slightly on Wednesday, eking out another record closing high, as traders digested the latest developments surrounding a new round of U.S. fiscal stimulus negotiations.
The broad market index ended the day up 0.2% at 3,669.01. The Dow Jones Industrial Average climbed 59.87 points, or 0.2%. The Nasdaq Composite dipped 0.1% to 12,349.37. It was the second straight record close for the S&P 500. The Nasdaq also reached an all-time closing high in the previous session.
Energy and financials were the best-performing sectors in the S&P 500, advancing 3.2% and 1.1%, respectively. Boeing led the Dow higher with a gain of 5.1%. However, Boeing’s pop was slightly offset by an 8.5% drop in Salesforce after the cloud company confirmed its acquisition of messaging platform Slack for $27.7 billion.
House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer said in a joint statement Wednesday that the bipartisan bill unveiled on Tuesday should be used as “basis for immediate bipartisan, bicameral negotiations.” Those comments lifted the market off their lows.
Barclays says markets ‘rightly’ optimistic on growth and tips S&P 500 to hit 4,000 points next year while the benchmark U.S. 10-year Treasury yield is expected to rise to 1.25%.
Reference: CNBC
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