All three major US stock indexes closed at fresh records on Tuesday, with the broad-based S&P 500 rising 0.13 percent to end above 7,600 for the first time ever. The Dow Jones Industrial Average added 228.91 points, or 0.45 percent, while the Nasdaq Composite eked out a gain of 0.03 percent.
The milestone, reported by CNBC, comes as the S&P 500 approaches what would be its 10th straight positive week — the longest winning streak since 1985, according to Meghan Shue, head of investment strategy at Wilmington Trust.
For New York’s financial industry, the rally represents a continuation of the AI-driven investment cycle that has buoyed markets and supported hiring across Wall Street. Banks, asset managers, and trading firms have benefited from elevated trading volumes and strong demand for technology-focused investment products.
Shue cautioned, however, that the momentum may face headwinds as summer begins. Post-earnings season typically brings a trading lull, and geopolitical risks remain significant. She said she is not calling for a sharp reversal, but expects the market to pause or pull back slightly, introducing more volatility in the coming months.
The rally has been broad-based, with seven of the 11 GICS sectors rising on Tuesday. Utilities stocks led gains, while the technology sector consolidated after a strong run driven by optimism around artificial intelligence. The recent confidential IPO filing by AI company Anthropic, and reports that OpenAI is preparing its own offering, have reinforced confidence in the sector’s commercial prospects.
Traders will be watching Wednesday’s ADP private payrolls report for May, along with April’s final durable goods and factory orders data, for further signals on the health of the US economy. Medtronic and Macy’s are also scheduled to report earnings before the opening bell.
Source: CNBC | The New York
