S&P 500 notches new record high boosted by rising tech and energy shares

Wall Street's main indexes opened in the positive territory on Wednesday.
Soft inflation data seems to be allowing stock markets to remain bullish.
S&P 500 Communication Services Index is up 1% after the opening bell.

Eren Sengezer FXStreet

Major equity indexes opened decisively higher and touched new record highs on Wednesday as the soft inflation data from the US confirms the view that the Fed will continue to stimulate the economy. As of writing, the S&P 500 was up 0.4% on the day at 3,927, the Dow Jones Industrial Average was rising 0.32% at 31,478 and the Nasdaq Composite was gaining 0.35% at 13,735.

The US Bureau of Labor Statistics reported on Wednesday the Core Consumer Price Index (CPI), which excludes volatile energy and food prices, declined to 1.4% on a yearly basis from 1.6% in December.

Among the 11 major S&P 500 sectors, the Communication Services Index is up nearly 1% on the day. Moreover, the Energy Index is rising 1.05% as crude oil prices push higher for the eighth straight day.

S&P 500 chart (daily)

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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