Stock Market Today: S&P500 ends above 5,500 for first time as record run continues

Investing.com-- The S&P 500 closed above 5,500 for the time ever Tuesday, underpinned by a surge in Tesla and optimism over rate cuts after Federal Reserve Chair Jerome Powell cheered recent progress on inflation.said the Fed has made"quite a bit of progress and in bringing inflation back down" toward the central bank's target, though added more confidence that inflation was a sustained path lower would needed before the rate-cutting process gets underway.

The labor sector has been running hot despite sticky inflation and high interest rates, and is also a key consideration for the Fed in cutting interest rates.) rose 10% after the EV maker said it had delivered 443,956 EVs in the second quarter, beating estimates of 438,019. The update on deliveries comes just weeks ahead of Tesla's Q2 results due Jul. 23, and its RoboTaxi Day on Aug. 8, Wedbush added, with the latter event expected to see the EV maker tout the next part of its autonomous story.) rose nearly 8% after The New York Times reported that billionaire Barry Diller was considering a bid for the firm. The news come just as several media reports suggest Warner Bros. Discovery stock fell nearly 1% after the Associated Press reported that the U.S.

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