Benchmark S&P 500 Cracks Another Threshold

The S&P 500 index—seen as a more accurate reflection of the market than the Dow—eclipsed a new threshold on Wednesday by hitting 5,600 for the first time, reports CNBC. The benchmark index was up a modest 27 points around midday, or about 0.5%, but it was enough for the milestone. The Dow and the tech-centric Nasdaq were up by similar percentages, with the latter also in record territory.

Wednesday's continued gains were attributed in part to Nvidia, which continues to rise amid the artificial intelligence surge, as well as to comments made by Federal Reserve chair Jerome Powell before a House panel. "We're not just an inflation-targeting central bank,'' Powell said, per the AP. "We also have an employment mandate." The remarks suggest that the Fed is more likely to cut rates because of the slowing job market. (More stock market stories.)