S&P 500 Climbs Above 7,000 as Tech Stocks Rally Before Fed

The S&P 500 Index rose past 7,000 points for the first time as investors bid up technology stocks ahead of a closely watched Federal Reserve rate decision and earnings from a trio of Magnificent Seven firms.

The benchmark for US equities rose 0.3% to a record 7,002.28 points on Wednesday, breaking through a wall of resistance. Bullish guidance spurred sharp gains in technology equipment stocks — including F5 Inc. and Seagate Technology Holdings — which helped push the index past the milestone.