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S&P 500 reaches new high driven by tech
The Standard & Poor’s 500 Index continued its rise to reach a new record high, driven by strong gains in the technology sector, particularly chip companies such as Marvel Technology, which increased by 6%, and AMD, which rose by 3%. This coincided with a decline in the yields of the 10-year U.S. Treasury bonds to 5.262% and the 30-year bonds to 5.631%, their lowest levels since 2002, which supported the stock market. Investors are awaiting the Federal Reserve’s meeting minutes to gauge the future path of interest rate hikes, while falling oil prices have also contributed to market support, with Brent crude falling to around $100 per barrel and West Texas Intermediate down to $89.
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