S&P 500 closes above 5,600 for the first time, lifted by gains in Big Tech

Brian Evans is an investing trends reporter for CNBC Pro.

The S&P 500 climbed Wednesday to a fresh record, breaking above 5,600 for the first time, as a sharp rise in semiconductor stocks led the market higher. The broad market index jumped 1.02%, closing at 5,633.91, and notching a seventh straight day of gains. The Nasdaq Composite advanced 1.18%, also hitting an all-time high and ending at 18,647.45. It was the 37th record close in 2024 for the S&P 500, and the 27th for the tech-heavy Nasdaq. The Dow Jones Industrial Average added 429.

Those moves come as investors await fresh inflation figures on Thursday with the release of the June consumer price index report. The data follows comments from Federal Reserve Chair Jerome Powell on Tuesday and Wednesday that has fueled investor hopes for a rate cut in the second half of the year. “There are some things out there that look kind of frothy, but there’s no indication yet that earnings can’t support those valuations,” said Scott Welch, chief investment officer at Certuity.

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