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The S&P 500 and NASDAQ Composite scaled to record highs Wednesday, with tech shares leading the charge following strong reports from Salesforce and Marvell Technology.
The Dow Jones Industrial index leaped 308.51 points to 45,014.04
The broader market surged 36.61 points to 6,086.49.
The tech-heavy NASDAQ Composite popped 254.21 points, or 1.3%, to 19,735.12.
Salesforce climbed nearly 11% after the company posted fiscal third-quarter revenue that beat estimates. Chipmaker Marvell also beat earnings expectations and issued strong fourth-quarter guidance, advancing 23%. The stock was headed for its best daily performance since May 26, 2023.
Wednesday’s moves come as investors await new U.S. employment data due Friday. Economists polled by Dow Jones expect the U.S. economy added 214,000 jobs in November.
Another report released on Wednesday morning from ADP revealed that private payrolls grew less than expected in November. Companies added just 146,000 on the month, while economists polled by Dow Jones had estimated growth of 163,000 positions.
Prices for the 10-year Treasury were higher, reducing yields to 4.19% from Tuesday’s 4.23%. Treasury prices and yields move in opposite
directions.
Oil prices dipped $1.09 to $68.85 U.S. a barrel.
Prices for gold jumped $6.40 an ounce to $2,674.30 U.S.
