S&P 500 Hits Record on Signs Economy in Good Shape: Markets Wrap

Signs that the world’s largest economy is holding up lifted stocks a day after speculation about the fate of Federal Reserve Chair Jerome Powell rattled markets. The dollar climbed. Short-dated bonds fell. The crypto industry got a major win after Congress passed the stablecoin bill.

Economically sensitive shares outperformed after solid retail sales and a drop in jobless claims, with the S&P 500 briefly topping 6,300 and closing at an all-time high. The Russell 2000 gauge of small firms rose 1.2%. Tech gained as a bullish outlook from Taiwan Semiconductor Manufacturing Co. bolstered confidence in artificial-intelligence spending. In late hours, Netflix Inc. reported strong earnings and raised its forecast.