The S&P 500 and Nasdaq surged on Thursday to close at their highest in 14 months, as investors cheered economic data that fueled bets that the U.S. Federal Reserve is nearing the end of its aggressive interest-rate hike campaign.
Apple rose 1.1%, while Microsoft rallied 3.2%, beating its previous record high close in November 2021.
"There is a great deal of money on the sidelines of people who'd been scared of recession, and as the worries go away people are returning to equities," said David Russell, vice president of Market Intelligence at TradeStation. So far in 2023, the S&P 500 is up about 15% and the Nasdaq has climbed about 32%, fueled by signs of economic resilience, a better-than-expected earnings season and bets that interest rates are near their peak.The Nasdaq increased 1.15% to 13,782.82 points, bringing its gain this week to almost 4%.Volume on U.S. exchanges was relatively heavy, with 11.8 billion shares traded, compared to an average of 10.9 billion shares over the previous 20 sessions.
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