NEW YORK: The S&P 500 hit an all-time high on Tuesday while the Nasdaq jumped about 1% as technology stocks caught a bid ahead of the Federal Reserve’s two-day policy meeting.
The Nasdaq was at a two-week high extending a rebound in tech-related stocks that were at the heart of February’s selloff. The index is now about 4% below its Feb. 12 record closing high.
Apple Inc rose 2% as Evercore ISI hiked its price target on the iPhone maker’s shares to the highest on Wall Street. Other mega-cap stocks including Facebook Inc, Netflix Inc, Alphabet Inc and Microsoft rose between 2% and 2.7%.
The Dow slipped on Tuesday after notching sixth consecutive intraday record highs as optimism over a $1.9 trillion fiscal stimulus package and ongoing vaccination drives bolstered views that the economy was on a path to recovery.
At 11:37 a.m. ET the Dow Jones Industrial Average fell 114.16 points, or 0.35%, to 32,839.30, the S&P 500 gained 6.69 points, or 0.17%, to 3,975.63 and the Nasdaq Composite gained 143.55 points, or 1.07%, to 13,603.25.
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