Stocks resume climb as S&P 500, Nasdaq close at record levels

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STOCKS RESUME CLIMB AS S&P 500, NASDAQ CLOSE AT RECORD LEVELS U.S. stocks advanced on Wednesday and powered once again by technology shares, the benchmark S&P index and the Nasdaq registered fresh record closing levels. This was one day after the S&P 500 SP:SPX had snapped a seven-session win streak, which had been its longest in over five months. The S&P 500 tech index SP:S5INFT rallied 1.5% on the day and is up almost 25% on the year as the best performing of the 11 major S&P sectors. Dell NYSE:DELL rallied 9.1% after the company nearly doubled its annual profit growth target for the next four years, betting on robust demand for its servers that power artificial intelligence workloads.Also boosting the sector was a surge of 11.4% in AMD NASDAQ:AMD, pushing its 3-day gain to 43% after announcing a chip-supply deal with OpenAI. With the economic calendar barren due to the ongoing government shutdown, investors have to reply on secondary economic indicators and comments from Federal Reserve officials for clues on the health of the economy and direction of monetary policy. The minutes from the central bank's most recent meeting, released on Wednesday, showed that officials agreed risks to the U.S. job market had increased enough to warrant an interest rate cut, but they remained wary of high inflation amid a debate about how much borrowing costs were weighing on the economy. "As the government shutdown persists and data releases are postponed, the risks to growth are growing while the risks to inflation are the same as they were or falling," said Brian Jacobsen, chief economist at Annex Wealth Management in Menomonee Falls, Wisconsin. "If September’s cut was a risk-management cut, it would be hard to argue they shouldn’t cut again in October." Despite the rise in stocks, a jump in gold to over the $4,000 mark reflected concerns about global geopolitical and economic uncertainty, along with expectations for continued rate cuts from the Fed. Below is your closing market snapshot: (Chuck Mikolajczak) *****EARLIER ON LIVE MARKETSBOFA UPGRADES HEALTHCARE SECTOR CLICK HEREONLY CONSUMER STAPLES REWARD SHORT SELLERS AS TECH, MINING RALLIES BITE CLICK HEREGERMANY'S DEFENCE SPENDING: A NEW ENGINE FOR MANUFACTURING? CLICK HERE MORTGAGE RATES INCH LOWER, BUT BORROWERS ARE UNIMPRESSED CLICK HEREROUNDHILL BETS ON MEME STOCKS, BRINGS BACK "MEME" ETF CLICK HEREFED MINUTES ...

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