S&P 500 and Nasdaq Composite Hit Record Highs. Both the S&P 500 and Nasdaq Composite tread into record territory after a holiday-shortened session saw investors excited about Tesla shares. The S&P 500 and the Nasdaq Composite are on a roll. Record after record, these two Wall Street darlings wrapped up Wednesday’s holiday-shortened session at fresh all-time highs.
The broad-based equity average added 0.5% on the day to clock out at 5,537 points — its second straight close above the key 5,500 milestone. Meanwhile, the tech-heavy Nasdaq added 0.9% to finish at 18,188.30. Driving the gains was a solid push higher in Tesla (TSLA) shares. The EV maker notched another 6.5% on the day, extending the 10% gain from a day earlier.
Markets were still running high on the conviction that maybe Tesla is out of the slump after the latest delivery figures came in above estimates. Indeed, Tesla has nearly wiped out its 40% loss on the year. Independence Day is today and stock markets will be closed to celebrate the Fourth of July holiday.
Normal trading activities are set to resume Friday when the US Labor Department will release its key figure — the US jobs report. Prepare for volatility and trading opportunities once the number drops. Expectations are set for 189,000 new jobs to have been added over the month of June.
Investors are optimistic about the potential for continued market gains, especially with key economic data on the horizon. The jobs report will provide crucial insights into the health of the US economy, influencing future market movements and investment strategies.
As the market gears up for the rest of the week, all eyes will be on how these record-setting indices react to the new economic data and whether Tesla’s momentum will continue. S&P 500 and Nasdaq Composite Hit Record Highs.
