S&P 500 and Nasdaq Hit Record Highs on Tech Strength
The S&P 500 and Nasdaq Composite reached new closing peaks on Wednesday as artificial intelligence and semiconductor stocks rebounded. Markets looked past a 1.4% jump in producer prices and comments from Fed officials suggesting interest rates may remain elevated for a longer period.
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The S&P 500 and Nasdaq Composite reached record closing highs on Wednesday as artificial intelligence chip stocks outweighed a sharp jump in producer prices. The benchmark index rose 0.58% to 7,444.14, while the tech-heavy Nasdaq climbed 1.21% to 26,404.74. A Labor Department report showed producer prices jumped 1.4% last month, the largest monthly increase in four years.
