S&P 500 briefly hits new intraday record as tech stocks rally on AI optimism
The S&P 500 index briefly reached an all-time intraday high of 7,817.13 points on Tuesday, driven by AI-related optimism and strong earnings expectations. The tech-heavy Nasdaq also hit record levels, despite concerns over energy prices and bond market volatility.
The benchmark S&P 500 index briefly hit an all-time high on Tuesday as optimism surrounding the artificial-intelligence trade and hopes of strong corporate earnings lifted technology stocks, further boosting the bull market that began in October 2022, according to a report by The Standard.
The index rose as much as 0.6 per cent to 7,817.13 points, moving past the previous intraday record of 7,816.7 points it hit on 13 August. The tech-heavy Nasdaq was also trading at record highs.
Optimism around the AI trade and expectations of strong corporate earnings have helped lift US stocks lately despite higher energy prices and a volatile summer for bond markets that fuelled concerns about tighter monetary policy, the report said.
On Tuesday, most megacap and growth stocks ticked higher as government bond yields came off their multi-year highs and oil prices fell.
The Dow Jones Industrial Average rose 164.45 points, or 0.32 per cent, to 51,432.35, the S&P 500 gained 37.77 points, or 0.48 per cent, to 7,811.72 and the Nasdaq Composite gained 162.58 points, or 0.59 per cent, to 27,639.89.