The S&P 500 climbed 0.5% during morning trading in New York, reaching a new all-time high by surpassing the 5,770 level, previously touched in late September.
The rally was fueled by a continued decline in oil prices, amid a lack of further escalation in the Middle East conflict and disappointing news regarding fiscal stimulus from China.
Investors are now focusing on the Federal Reserve’s next moves, with the minutes from the September meeting set to be released at 2 p.m. ET on Wednesday.
Eight of the S&P 500’s 11 sectors traded in positive territory, with utilities, materials and real estate being the only laggards. Technology and financials led the charge.
The Dow Jones Industrial Average mirrored the S&P 500’s performance, now trading within 1% of its record high, while small caps outperformed.
Oil prices, tracked by the United States Oil Fund LP (NYSE:USO), dropped another 1%, extending the sharp 5% selloff from Tuesday. The decline in crude prices provided relief to ...
