Nasdaq 100 Hits Record High in Tech-Fueled Rebound: Markets Wrap
- Traders weigh latest data showing US labor-market strength
- Bostic urges caution on Fed rate cuts amid global uncertainty
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A rally in some of the world’s largest technology companies fueled a rebound in stocks, with traders also weighing the latest economic data and Fedspeak for clues on the US central bank’s next steps.
After a back-to-back slide, the S&P 500 rose as bond-market volatility abated. The Nasdaq 100 closed at an all-time high as Apple Inc. climbed on an analyst upgrade and Taiwan Semiconductor Manufacturing Co.’s outlook lifted chipmakers on hopes for a global tech recovery in 2024.