THE S&P 500 pushed to a fresh record Wednesday as Wall Street stocks bounced after a few downcast sessions as investors eyed the finale of the first quarter.
With the S&P 500 up more than 10 per cent for the year, analysts have characterised a three-day slide in the index as a consolidation period.
But stocks recovered on Wednesday, with all three major indices winning solid gains in a move seen as “window dressing” by money managers to be able to show first-quarter gains.
The broad-based S&P 500 finished at 5,248.49, up 0.9 per cent, topping a record set last week.
The Dow Jones Industrial Average gained 1.2 per cent to 39,760.08, while the tech-rich Nasdaq Composite Index advanced 0.5 per cent to 16,399.52.
Analysts noted that this week’s holiday-shortened week includes a light schedule of major economic releases.
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“The markets will likely remain in a holding pattern for the coming few weeks as investors await the next round of market-moving data,” said CFRA Research chief investment strategist Sam Stovall in a note.
“A digestion of recent gains is still a possibility, as the market remains priced to perfection.”
Among individual companies, Dow component Merck jumped 5.0 per cent after announcing that US regulators with the Food and Drug Administration approved the company’s Winrevair medication to treat pulmonary arterial hypertension.
Carnival rose 1.0 per cent after the cruise company lifted key earnings and revenues projections and said costs were lower than previously expected. AFP
