S&P 500, Nasdaq Hit Record Highs As Tech Stocks Rally Ahead Of Fed Decision

S&P 500, Nasdaq Hit Record Highs As Tech Stocks Rally Ahead Of Fed Decision

Share to Linkedin Though the broader market struggled throughout the day, the Nasdaq Composite and S&P 500 nabbed new closing highs Monday as investors poured into resurgent technology stocks ahead of the Federal Reserve's Wednesday policy announcement, in a sign Wall Street expects the central bank will continue its pandemic-era policy to bolster the economic recovery. It's the tech-heavy Nasdaq's first record high in nearly two months. The tech-heavy Nasdaq jumped 0. 7% Wednesday to 14, 174 points, surpassing its latest closing record of 14, 211 points on April 29. Meanwhile, the S&P 500 extended a Friday closing high, ticking up 0. 1% as biotech firms and software giants led the index's gains. ResMed, Adobe and Salesforce jumped 6%, 3% and 2. 7%, respectively. The Dow Jones Industrial Average, meanwhile, fell 0. 3% to 34, 393 points“”about 1% below its latest high on May 7“”as big banks Goldman Sachs and JPMorgan, which have surged this year on expectations that the Fed will eventually raise interest rates, fell nearly 2% apiece. "During the last seven months, rising rates and accelerating economic growth have spurred a rotation from growth stocks [like those in technology] to cyclical and value-leaning slices of the market