Stocks rose again on Wednesday, continuing Wall Street's record-setting run. The big highlight is that the S&P 500 closed above 5,600 points for the time ever, per the AP.
- The S&P rose 56 points, or 1%, to 5,633.
- The Dow rose 429 points, or 1%, to 39,721.
- The Nasdaq rose 218 points, or 1.1%, to 18,647.
Big technology companies led the way, which has become the norm on Wall Street. Taiwan Semiconductor's US-listed shares rose 3% after it said its revenue climbed nearly 33% in June from a year earlier. The company makes the chips for Nvidia and others that have been driving the business world's rush into artificial-intelligence technology. Also, Fed Chair Jerome Powell returned to Capitol Hill to give testimony about interest rates, where he said he was "not sending any signals" about when rate cuts could arrive, but he's aware of the risks of being too late on them.
In the markets, Smart Global Holdings, a technology company with computing, memory, and LED businesses, rose 25% after it reported stronger profit and revenue for the latest quarter than analysts expected. On the losing end of Wall Street was LegalZoom, which fell 22.5%. It said its CEO, Dan Wernikoff, is leaving the company and resigning from its board. The company also cut its forecast for revenue over the full year.
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