Wall Street Rallies Amid Nvidia's Milestone and Tariff News
Wall Street indexes saw an increase on Wednesday, driven by Nvidia's brief $4 trillion valuation and anticipations of impending interest rate cuts despite tariff-induced inflation. Nvidia's growth, along with strong performances from Microsoft and Amazon, contributed to Nasdaq's record high. Tech and utility sectors led market gains.
Wall Street witnessed a rise in indexes on Wednesday, driven by the tech-centric Nasdaq, as Nvidia reached a momentary $4 trillion valuation and Federal Reserve meeting minutes suggested that inflation from President Trump's tariffs might not hinder interest rate cuts this year.
Nvidia marked a historic moment as the first company valued at $4 trillion, reinforcing its position amid a surge in demand for AI technologies. This led to a record high close for Nasdaq, with strong performances from megacap companies like Microsoft and Amazon.
Despite previous tariff-induced inflation concerns, investor confidence continued as the market became desensitized to tariff threats. Fed rate cut hopes persisted, even as trade negotiations showed potential for resolution. Other market boosts came from sectors like utilities and technology, while consumer staples lagged behind.
(With inputs from agencies.)
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