Stocks Hit Record as Powell Bullish on US Economy: Markets Wrap
- Fed Beige Book shows businesses confident in demand prospects
- French bond futures hold gains as Barnier’s government falls
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Stocks hit all-time highs as Federal Reserve Chair Jerome Powell said the economy is in remarkably good shape. The euro wavered as the French government fell after a no-confidence vote in Parliament.
A rally in big tech drove the S&P 500 to its 56th closing record in 2024. The Nasdaq 100 climbed more than 1%. Nvidia Corp. led a gauge of the “Magnificent Seven” megacaps higher, with the group’s surge this year approaching 65%. Salesforce Inc. and Marvell Technology Inc. soared as their results boosted hopes both companies will keep benefiting from an industrywide boom in artificial intelligence.