Stock Markets Keep Hitting Record Highs: What's Driving The Action?

Stock markets continue to reach record highs lately, driven in great part by advances in the financial, consumer discretionary and utilities sectors.

The Dow Jones Industrial Average (DJI) hit an all-time market-close high of 39,908 points on May 15. Since then, it has fallen to 38,112 points on May 30, but it has made its way back up to 39,300 points as of Tuesday’s mid-day trading.

S&P 500 communications services (SPLRLC) hit a record high of 322.31 points on Friday before declining to 320.49 points on Tuesday.

Also Read: 5 Biggest Winners, 5 Biggest Losers From Dow Jones Industrial Average In First Half 2024

The tech-heavy Nasdaq Composite (IXIC) reached an all-time high of $18,530.90 in Tuesday’s mid-morning trading before cooling off to $18,445.27 by mi-day.

The Financial Select Sector SPDR Fund XLF has gained 1.01% by mid-day on Tuesday. The top mover within the exchange-traded fund has been Principal Financial Group (PFG), which has gained 3.69% to $81.36.

The Utilities Select Sector SPDR Fund XLU has risen 1.09% by mid-day on Tuesday as Vistra Corp. VST jumped 2.77% to &95.45.

The Consumer Discretionary Select Sector SPDR Fund XLY picked up 0.85% as Tesla, Inc. TSLA gained 4.23% to $263.64.

Big tech firms have been lifting the S&P 500 in recent sessions, Barron’s reported. Nvidia Corp. NVDA improved 1.68% to $130.35 by mid-day Tuesday.

Stocks remain near record highs as Federal Reserve Chairman Jerome Powell gave positive remarks on the economy and the job market on Tuesday during his semiannual testimony before the Senate Banking Committee.

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