As Wall Street processed a recent rise that brought the broad index to its greatest level in nine months, the S&P 500 marginally increased on Tuesday to reach its highest closing since 2023 started.
The S&P 500 increased 0.24% to end at 4,283.85, trading close to a nine-month high. At 13,276.42, the Nasdaq Composite increased by 0.36%. The blue-chip average, which was pulled down by losses of more than 2% in Merck and UnitedHealth, managed to gain just 0.03%, or 10.42 points, to close at 33,573.28.
After the Securities and Exchange Commission sued the cryptocurrency startup, Coinbase saw a more than 12% decline. According to the SEC, Coinbase was operating as an unlicensed broker and exchange. BTC increased by 4.5%.
Apple’s stock fell 0.2% day after the tech giant presented its eagerly awaited virtual reality headgear at its annual Worldwide Developer Conference along with new software. In the session before the announcement, the stock reached a record high.
As investors get ready for the Federal Reserve policy meeting next week, Jeff Kilburg, CEO of KKM Financial, said that markets might avoid significant movements. Nevertheless, he noted that the market has continued to trade above the current range.
He observed, “It truly feels like we’re kind of in a holding pattern.” People are sort of taking a breather because the Fed is next week.
Source (CNBC)
