US stocks closed at a record high, pushed up by semiconductor stocks and even as Federal Reserve chair Jay Powell said the central bank could afford to “be a little more cautious” about interest rate cuts.
Powell said the US was “the envy of other large economies around the world” and that the Fed could “afford to be a little more cautious” about rate reductions.
Nvidia gained 3.5 per cent, while Advanced Micro Devices and Broadcom each rose 1.4 per cent. Elsewhere in tech, Salesforce shares leapt about 11 per cent after reporting higher-than-expected revenue in its latest quarter.
The S&P 500 rose 0.6 per cent, and the Nasdaq Composite rose 1.3 per cent, on Wednesday, to again close at peaks. Yields on the two-year Treasury slipped to a one-month low.