Stock market today: Live updates
Traders work on the floor of the New York Stock Exchange.
NYSE
Stocks rose for a second day and the S&P 500 jumped to a new high as technology stocks powered higher and investors shook off geopolitical concerns.
The S&P 500 and Nasdaq Composite each added 0.4%, while the Dow Jones Industrial Average rose 220 points, or 0.5%.
Technology stocks spearheaded the rally, with Microsoft, Amazon and Apple last up 1% each. Super Micro Computer rallied 7%. Wednesday’s gains helped shake off a bumpy start to October, pushing the major averages into positive territory for the month.
“The Fed is the key thing, that’s the big driver,” said Mike Bailey, director of research at FBB Capital Partners. “Again, anything can happen at any moment. You wake up and there’s a headline about the hurricane, energy. At this point, we’re really not seeing a lot of those risks getting priced in.”
Wednesday’s gains came despite lingering fears of a broader war in the Middle East and a disappointing session in China as investors took profits from the recent stimulus-fueled rally. The China Shenzhen registered its worst day since 1997, with the iShares China Large-Cap ETF last down 2%.
Wall Street is coming off a strong session driven by tech sector gains and easing oil prices. Those moves seemed to reflect growing optimism the Federal Reserve can navigate a soft landing, especially after last week’s jobs report showed continued strength in the labor market.
“There’s still a tug-of-war taking place between the ‘Big 4’ tailwinds (stimulus, disinflation, resilient growth, and healthy corporate performance) and rich valuations … and the result is an SPX that’s caught in a sideways price pattern (albeit one that’s biased slightly to the upside),” wrote Vital Knowledge’s Adam Crisafulli.
To be sure, even with an underlying uptrend, the market could face further choppiness in what’s historically the most volatile month of the year — especially ahead of the U.S. presidential election.
On the economic front, investors are anticipating the latest meeting minutes from the Fed on Wednesday, due at 2 p.m. ET. The September consumer and producer price index readings are due out Thursday and Friday, respectively.
Earnings season kicks off Friday with the big banks JPMorgan Chase and Wells Fargo.
