Amazon, Apple And S&P 500 Hit New Highs As Big Tech Stages Massive Rally

Amazon, Apple And S&P 500 Hit New Highs As Big Tech Stages Massive Rally

Share to Linkedin Big technology stocks like Amazon and Apple led major indexes to new records Wednesday, signaling to experts that investors are plowing into risky assets in search of market returns as stock valuations return to unprecedented highs. Amazon. com founder Jeff Bezos stepped down as CEO this week but remains executive chairman. Despite breaking a seven-day winning streak Tuesday, the S&P 500 climbed 0. 3% to 4, 358 points, surpassing a Friday closing high and pushing year-to-date gains to nearly 18%. The tech-heavy Nasdaq, meanwhile, ticked up 1 point, adding to a record close from Tuesday and hitting a new intraday high above 14, 755 points. Apple and Amazon were among mega-cap firms heading up market gains and notching new record closes, jumping 1. 8% and 0. 6%, respectively, on Wednesday. On the other hand, stocks in cyclical sectors like travel and energy continued to underperform amid tech's resurgence, with Carnival Cruise Lines, Enphase Energy and American Airlines heading up the S&P's losses and falling 4%, 3. 5% and 3%, respectively. Ushering in the broad gains, Treasury yields"”which surged earlier this year and spooked investors away from tech stocks"”dipped 3 basis points Wednesday, hitting their lowest point in