Driven by semiconductors and megacaps, the S&P 500 and Nasdaq hit record highs as Congress heard testimony from Federal Reserve Chairman Jerome Powell, who said more “good” economic data would strengthen the case for rate cuts.
AI chip favorite Nvidia rose 4.0 percent, while Applied Materials and Micron Technology gained 2.0 percent and 3.0 percent, respectively, pushing the Philadelphia SE Semiconductor Index to a record high.
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