Wall Street rallied Wednesday as the services activity gauge indicated a stronger-than-expected expansion in May, pushing back fears of an economic slowdown which surfaced in recent days.
Sentiment among service providers marked the highest monthly growth since August 2023, driven by robust increases in business activity and new orders, according to the ISM survey.
The Nasdaq 100 Index soared 1.6% to 18,940 points, marking a new all-time high for the tech-heavy benchmark.
Tech giants and semiconductor stocks continue to drive broader market gains. The combined market value of the Magnificent Seven reached the $15 trillion milestone, while the iShares Semiconductor ETF (NASDAQ:SOXX) marked the strongest day in three months, as investor sentiment towards the AI narrative gained further strength.
The S&P 500 Index rose 0.9% to 5,335 points, nearing record highs. Small caps also rallied by 1.2%, while blue chips flattened.
Commodities rebounded following Tuesday’s declines, with gold, oil, and natural gas gaining 1.2%, 1.5%, and …
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