The S&P 500 and Nasdaq rallied on Wednesday, rising 0.5% and 0.8%, respectively, with the S&P 500 closing at a new record high while the Dow ended flat. The market was lifted by strong technology gains and news of a U.S.-Vietnam trade deal that includes 20% tariffs on certain Vietnamese imports.
Investor sentiment was further buoyed by renewed trade optimism and weak labor market data, which reinforced expectations for a Federal Reserve interest rate cut. Apple (+2.2%), Nvidia (+2.6%) and Tesla (+5%) led the rally, helping the Nasdaq rise. However, ADP data showed private-sector payrolls unexpectedly fell by 33,000 in June, marking the first decline in more than two years and raising fresh concerns about the strength of the labor market.
Meanwhile, President Trump's tax and spending bill, which is projected to add $3.4 trillion to the national debt, has passed the Senate and now heads to the House, where political divisions could delay final approval. (alg)
Source: Trading Economics
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