by Chibuike Oguh
NEW YORK (Reuters) – The New York Stock Exchange ended higher on Wednesday, the S&P-500 and the Nasdaq having set closing records, in the wake of gains in technology stocks, including Nvidia, while economic data published in the day supported the hypothesis of a rate cut in the United States.
The Dow Jones index gained 0.25%, or 96.04 points, to 38,807.33 points.
The broader S&P-500 gained 62.69 points, or 1.18%, to 5,354.03 points.
The Nasdaq Composite advanced 330.86 points (1.96%) to 17,187.91 points.
Nvidia has progressed to reach the $3 trillion market capitalization threshold for the first time, overtaking Apple as the world’s second largest valuation.
Under the effect of gains in the heavyweight of artificial intelligence (AI), the semiconductor index gained 4.5%.
A report released Wednesday finding that the U.S. private sector created fewer jobs than expected in May added to recent data suggesting that the labor market is no longer under as much stress.
This is one of the elements likely to push the Federal Reserve (Fed) to lower interest rates, while investors expect the American central bank to ease its monetary policy this year. .
According to FedWatch, traders are currently betting 69% on a rate cut in September, up from around 50% throughout the last week.
US Treasury yields fell to a two-month low on Wednesday following the release of the job creation report.
A new employment report, scheduled for Friday, is now expected by investors to have a more precise picture of the American labor market.
Among the major sectors of the S&P-500, technology was the best performer, ahead of communications services.
Hewlett Packard Enterprise jumped 10.6% after quarterly forecasts beat expectations.
Intel rose 2.5% after Apollo Global Management agreed to take a 49% stake for $11 billion in a joint venture linked to Intel’s manufacturing unit in Ireland.
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