REUTERS: Wall Street's main indexes jumped on Wednesday, with the S&P 500 crawling towards a record high in a broad rally led by tech stocks, with investors shrugging off a stalemate over the new coronavirus relief bill.AdvertisementTen of the 11 major S&P sectors climbed, with technology , communication services and utilities leading percentage gains.
The Nasdaq was the first of the three major indexes to bounce back to an all-time high in June, powered by historic fiscal and monetary stimulus and signs of a nascent economic recovery. The Dow is about 6per cent below its February peak.With a better-than-feared second-quarter earnings season largely over, investors are preparing for the risk of a contested U.S. presidential election in the fall.
"While the negotiations are probably going to continue back and forth, in an election year environment, it's very likely that this package gets across the finish line," Matt Stucky, portfolio manager, equities, at Northwestern Mutual Wealth Management Co in Milwaukee, Wisconsin.