The S&P 500 index and technology-laden Nasdaq rose Wednesday to post record high closes, as data pointing to a softening economy raised hopes the Federal Reserve could cut interest rates in September.
"It's quite a strong unemployment claims number, and it's fitting in with an overall trend that's probably an indication of loosening up in the jobs market. It must be quite welcoming for the Fed," said David Morrison, Trade Nation senior market analyst. Nvidia closed 4.6% higher, after slipping on Tuesday, while some other mega-stocks were weaker such as Amazon , closing 1.2% lower.
The Dow Jones Industrial Average fell 23.85 points, or 0.06%, to close at 39,308.00, the S&P 500 gained 28.01 points, or 0.51%, to 5,537.02 and the Nasdaq Composite gained 159.54 points, or 0.88%, to 18,188.30.