Stock market today: S&P 500 tops 5,600 as Wall Street's record-breaking rally keeps rolling

NEW YORK — U.S. stocks rose again, continuing Wall Street’s record-setting run. The S&P 500 climbed 1% Wednesday, setting an all-time high for the 37th time this year and marking its first close above 5,600 points. The Dow Jones Industrial Average gained 1.1%, and the Nasdaq composite added 1.2% to its own record. Big technology companies led the way again after a major chip supplier reported how much its revenue jumped in June.

Taiwan Semiconductor, or TSMC, makes the chips for Nvidia and others that have been driving the business world’s rush into artificial-intelligence technology. The promise of big profits in the future from AI has sent Nvidia in particular to breathtaking heights over the last year, and Nvidia rose another 2.4% Wednesday to bring its gain for the year so far to 171.6%. It was again the strongest single force pushing the S&P 500 upward.

“We're looking at both sides” of the risks involved in what to do with its main interest rate, which has been sitting at its highest level in more than two decades for nearly a year, Powell said. Cutting rates too early could allow inflation to reaccelerate, while waiting too long could allow the economy's slowdown to gather into a recession.

A report coming on Thursday could cause sharper swings in the bond and stock markets. That’s when the U.S. government will release the latest monthly update on inflation. Economists expect it to show U.S. consumers paid prices for food, airline tickets and everything else that were 3.1% higher in June than a year earlier. That would be a touch slower than May’s 3.3% inflation rate.

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