United States benchmark averages extended their rally on Tuesday (Wednesday AEST), with all three major indexes finishing at record highs as investors set aside concerns over the health of the economy and shifted their attention to upcoming inflation reports.
The Dow Jones Industrial Average climbed 196.4 points or 0.4% to 45,711.3, the S&P 500 advanced 17.5 points or 0.3% to close at 6,512.6, while the Nasdaq Composite gained 80.8 points or 0.4% to finish at 21,879.5.
The upbeat market performance came despite a significant revision to U.S. jobs data that raised fresh doubts about the strength of the labour market.
The Bureau of Labor Statistics updated figures for the 12 months through March, lowering payroll growth by 911,000 — the largest downward adjustment on record since 2002.
The broader market remains buoyed by strong performances from technology stocks, particularly chipmakers. During Tuesday's session, Nvidia lifted 1.5%, and AMD gained 2.9%.
Attention now turns to two key inflation reports due this week, which investors believe will be critical in determining the Fed’s policy direction.
On the bond markets, 10-year and 2-year rates were 1.1% and 1.9% higher at 4.086% and 3.556%, respectively.
