Aug 13 - Wall Street stayed in rally mode Wednesday, with the Dow Jones Industrial Average jumping 292 points (+0.7%) and both the S&P 500 and Nasdaq Composite climbing 0.2% to fresh record highs. Optimism is running high as traders see a 99% chance of a Federal Reserve rate cut in September, helped by cooler-than-expected inflation data earlier this week.
Warning! GuruFocus has detected 6 Warning Signs with AMD.
Tech was the star of the session, with Advanced Micro Devices (NASDAQ:AMD) surging over 6% and Apple (NASDAQ:AAPL) adding about 1%. The communication services and technology sectors both hit record levels, with Meta Platforms (NASDAQ:META), Electronic Arts (EA), and Live Nation (NYSE:LYV) notching new highs alongside Broadcom (NASDAQ:AVGO) and Lam Research (LRCX).
Earnings season remains a driver, with upbeat commentary on corporate resilience despite summer headwinds. Meanwhile, AvalonBay Communities (AVB) gained after a Morgan Stanley upgrade, and Capri Holdings (NYSE:CPRI) jumped on a bullish call from JPMorgan.
In deal news, Hanesbrands (NYSE:HBI) slipped after agreeing to be acquired by Gildan Activewear (NYSE:GIL) for $6 per share. The next catalysts: Thursday's producer price index report and the Fed's Jackson Hole meeting later this month.
This article first appeared on GuruFocus.
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Breaking: S&P, Nasdaq Hit Records as Tech Stocks Ignite Rally
Published 2 months ago
Aug 13, 2025 at 7:52 PM
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