The Dow Jones Industrial Average, a blue-chip index, also registered gains.
Wall Street has registered a remarkable rebound from the April selloff as the Nasdaq Composite Index and S&P 500 reached a record high at the opening bell.
The tech-heavy Nasdaq rose by about 72 points, or 0.3 percent, to above 20,200. The index is poised for a weekly gain of about 4 percent and is up nearly 5 percent this year.
The broader S&P 500 added 20 points, or about 0.3 percent, to above 6,160. The index is also on track for a weekly boost of approximately 3 percent, lifting its year-to-date increase to above 4 percent.
The blue-chip Dow Jones Industrial Average surged by more than 200 points, or 0.5 percent, to 43,600. Although it has not yet returned to its all-time high, the Dow Jones has experienced an exceptional turnaround, rising by approximately 5 percent over the past three months. This year, the Dow is up by around 2.5 percent.
Investors cheered President Donald Trump and other White House officials’ revelation that a U.S.–China trade agreement had been finalized, and that the administration is expected to announce deals with 10 major trading partners.
Financial markets shrugged off an uptick in the Federal Reserve’s preferred inflation measure.
Inflation in the May personal consumption expenditures (PCE) price index rose to 2.3 percent from 2.2 percent in April. Core PCE inflation, which removes the volatile energy and food categories, climbed to a higher-than-expected 2.7 percent.
By Andrew Moran
