S&P 500, Nasdaq end at records, adding to big quarterly gains
NEW YORK: Wall Street stocks rose again Monday (Jun 30) amid optimism over trade negotiations and US tax cut legislation to conclude the final session of the second quarter at fresh records.
The S&P 500 finished at 6,204.95, up 0.5 per cent for the day and about 10.6 per cent for the quarter.
The tech-rich Nasdaq Composite Index climbed 0.5 per cent to 20,369.73, which was also record, while the Dow Jones Industrial Average gained 0.6 per cent to 44,094.77.
"Investors are feeling optimistic that we had a very strong quarter with reasons to feel optimistic," said CFRA Research's Sam Stovall, who cited easing trade tensions and fewer worries about inflation as drivers.
The latest records came after Canada rescinded taxes impacting US tech firms, setting the stage for negotiations to resume between Washington and Ottawa after President Donald Trump abruptly broke off talks on Friday because of the tax.
Trump administration officials have said they are making progress on trade deals with major partners and could unveil trade agreements in the coming months.
An aggressive tariff plan announced by Trump in early April initially battered financial markets, but Trump has backed off many of the most onerous provisions.
Analysts have also cited investor enthusiasm about Trump's massive tax cut legislation currently being debated in the Senate. The measure also contains controversial cuts to health benefits for low-income populations and heavy spending on deportation programs.
Large banks, including Citigroup and JPMorgan Chase, advanced after the Federal Reserve on Friday gave the industry a passing grade on stress tests, a finding that could boost givebacks to investors through shareholder repurchases and dividend hikes.
Shares of Facebook parent Meta rose 0.6 per cent and touched an all-time record as the company extends an aggressive recruitment drive of top artificial intelligence talent, luring some experts from other companies with US$100 million bonuses.
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