S&P 500 Closes on the Brink of Historic 5,000 Mark: Markets Wrap
- Treasury’s biggest-ever 10-year auction garners solid demand
- Fed officials add to chorus tempering hopes for rate cuts soon
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The historic rally in US stocks continued to power ahead, with the S&P 500 closing within a striking distance of 5,000.
Gains on Wednesday were fueled by a renewed surge in big tech and a strong sale of 10-year Treasuries that dimmed supply concerns. While bonds barely budged, equities extended their bull run on prospects that a solid economy will continue fueling corporate profits. In late trading, Walt Disney Co. and Arm Holdings Plc jumped on upbeat outlooks.