S&P 500 rises, nears 5,000 level
The S&P 500 rose Wednesday and neared the 5,000 level for the first time as investors parsed through another slate of quarterly results and headed into the back half of the earnings season.
The broad-based index added 0.6%, while the Nasdaq Composite jumped 0.7%. The Dow Jones Industrial Average rallied 125 points, or 0.3%.
Despite signs of resilience, doubts have crept in after Fed Chair Jerome Powell signaled last week that investors may have to wait longer than expected for a central bank pivot. He reiterated those comments, leading many to believe that there may be fewer cuts this year than previously hoped for.
Another slate of Fed speakers is on tap Wednesday, including remarks from governors Michelle Bowman and Adriana Kugler. That’s followed by results from Walt Disney, PayPal and Arm Holdings after the bell.