S&P 500 and Nasdaq finish trading at record levels — Anadolu Agency

US stock indexes closed higher on October 6: the S&P 500 finished above 7,800 points for the first time, while the Nasdaq set a new record. This was reported by Anadolu Agency.

The S&P 500 gained 44.98 points, or 0.58%, closing at 7,818.93 points. The Nasdaq Composite rose 122.48 points, or 0.45%, to a record 27,599.79 points. The Dow Jones Industrial Average increased by 253.38 points, or 0.49%, to 51,521.28 points.

Rise in technology stocks

The market rally was supported by chipmakers amid optimism over demand for artificial intelligence technologies. Shares in Marvell Technology rose by around 5.8% during the session, Broadcom by 3.7%, and Advanced Micro Devices by 2.8%.

The yield on benchmark 10-year US Treasury bonds fell by around three basis points to 5.281%. This eased pressure on stock valuations after yields had reached multi-year highs a day earlier.

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Trade and oil prices

The US trade deficit in goods and services rose by 13.7% in August to $105.6 billion, compared with a revised $92.8 billion in July. Imports increased by 4.3% to $420.8 billion, while exports rose by 1.4% to $315.2 billion. Imports of capital goods increased by $6.2 billion, including a $2.4 billion increase in semiconductor imports.

Investors are awaiting the release of the minutes of the Federal Reserve's September meeting, scheduled for October 7. Oil prices changed little: Brent rose by 0.26% to $100.58 per barrel, while West Texas Intermediate rose by 0.01% to $89.44.

European exchanges also rose

The pan-European STOXX 600 index increased by 0.48% to 636.63 points. Britain's FTSE 100 rose by 0.42%, Germany's DAX by 0.77%, and France's CAC 40 by 0.40%. Italy's FTSE MIB gained 0.87%, while Spain's IBEX 35 added 0.75%.