Stock market today: Big Tech surges as S&P 500 crosses 5,600 for first time

US stocks again soared to fresh all-time highs on Wednesday as Jerome Powell's remarks on Capitol Hill buoyed rate-cut hopes and Big Tech stocks piled on the gains. The S&P 500 rose 1% for a 37th record close this year, breaching 5,600 for the first time. The Dow Jones Industrial Average jumped 1.1%, while the tech-heavy Nasdaq Composite gained 1.2%. The S&P and Nasdaq were each higher for the seventh straight session.

Bets on interest rate cuts have helped keep stocks roaring as signs of slowing in the US economy pile up. Wall Street also looked to Washington for more optimism. In his semiannual testimony to Congress, Powell hinted the stage is almost set for lowering interest rates from two-decade highs, pointing to a cooling in inflation and in the jobs market. He also cautioned that keeping rates elevated for too long could weaken the economy, giving hope to rate-cut-hungry investors.

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