US Stock Market: Major Indexes Gain, Nasdaq Surges
CryptoNewsTerminal Staff05 Jun, 2024
US Stock Market: Major Indexes Gain, Nasdaq Surges
The US stock market's three major indexes closed higher on Wednesday, extending their recent rally amid positive economic data and corporate earnings. The S&P 500, a widely followed index of large-cap stocks, gained 1.18%, closing at 4,164.22. The Nasdaq Composite, which is dominated by technology companies, rose 1.96% to 12,112.31. The Dow Jones Industrial Average, an index of 30 prominent blue-chip stocks, advanced 0.25% to 34,128.05. The gains were broad-based, with all 11 sectors of the S&P 500 closing in positive territory. Energy stocks were among the strongest performers, benefiting from rising oil prices. Technology stocks also contributed to the gains, with several large-cap companies reporting strong earnings. The market's positive performance followed a series of encouraging economic data, including strong job growth and a decline in inflation. Investors are also optimistic about the upcoming earnings season, with many companies expected to report strong results.
