The S&P 500 rose to a fresh record on Wednesday as investors poured back into trusty mega-cap technology stocks.
The Dow Jones Industrials jumped 104.42 points to 34,681.79.
The S&P 500 regained 14.59 points to 4,358.13
The NASDAQ gained 1.42 points to 14,665.06.
With rates falling and Wall Street fretting about a peak in economic growth, investors have rediscovered their old Big Tech favorites. Apple and Amazon are both up about 15% over the past month, far outpacing the S&P 500’s 3.1% return. Apple rose 1.8% and Amazon gained nearly 0.6%.
Energy stocks were in the red as oil prices fell. Occidental Petroleum fell nearly 3.4% and APA Corp. and Pioneer Natural Resources both dipped about 2.3%.
Bank shares including Goldman Sachs and Bank of America continued their retreat on Wednesday as long-term bond yields fell further.
The Federal Reserve’s minutes from its June 15-16 meeting, during which it held short-term interest rates near zero but also indicated that it might be adjusting policy otherwise in the months ahead, revealed the central bank discussed tapering but was in no rush to start the process.
Prices for 10-Year Treasurys gained ground, lowering yields to 1.32% from Tuesday’s 1.36%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.46 to $71.91 U.S. a barrel.
Gold prices gained $8.80 to $1,803.00 U.S. an ounce.