The S&P 500 set a new high on Wednesday as US markets recovered from an up-and-down day of trading.
The wide index touched an intraday high and climbed 0.34 percent at the close of trade Wednesday, recouping losses from the previous day. The Dow Jones Industrial Average increased by 104.42 points, or 0.3 percent, while the Nasdaq Composite rose by 0.0097 percent.
The 10-year treasury yield decreased 1.306 percent after minutes from the Federal Reserve’s June 15-16 meeting revealed that the Fed considered reducing bond purchases but was not in a hurry to start the process.
“As has been the case for some time, the direction of bond yields and tech stock have been joined at the hip,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC. “Traders will be keeping an eye on the S&P 500 tech index as it approaches its relative price high set in September. A breach over that level would undoubtedly cement the tech sector’s long-term leadership cycle.”
Crude oil prices in the United States dropped after reaching a six-year high of $76.98 early Tuesday.
“With this country coming out of the pandemic so strongly and the rest of Europe and the rest of the world still to come out of the pandemic leads many traders to believe — and me to believe — we’re not done with the rally in crude oil,” Dan Dicker, the Energy Word Founder, told Yahoo Finance.