Stocks finish higher, S&P 500 notches new closing high

The stock market saw a surge in activity just an hour ago, with the S&P 500 reaching a new closing high. Stocks rose as Nvidia surpassed Microsoft as the most valuable public company, driving the market to new heights. The S&P 500 closed at 5,487.03, the Nasdaq Composite inched up to 17,862.23, and the Dow Jones Industrial Average rose to 38,834.86.

In other news, BlackRock debuted a new high yield ETF, BRHY, which shares DNA with a highly rated mutual fund. This move comes as several high yield ETFs hit the market this quarter, with Fed rate cuts looming and hints of a slowdown in the U.S. economy.

Goldman Sachs’ equity strategist explained the hiked year-end target for the market, citing rapid earnings growth from companies like Microsoft, Nvidia, Alphabet, Amazon, and Meta as key drivers of the market’s success.

Additionally, Federal Reserve Governor Adriana Kugler hinted at a rate cut later this year, expressing confidence in inflation moving in the right direction. Meanwhile, billionaire investor Steve Cohen’s Point72 plans to launch a new AI-focused hedge fund to capitalize on the booming AI industry.

Overall, the stock market is experiencing significant movements and developments, with various sectors and companies making headlines and driving investor interest.