S&P 500 Blasts Through Record High Amid Tech Earnings Surge

The S&P 500 index set a new record high close on August 13, as investors welcomed tame producer price inflation data that supported expectations of no interest rate hikes by the Federal Reserve in September. The index rose 0.65% to end at 7,798.99 points, surpassing its previous record high close on August 7.

The gains were led by heavyweight technology stocks such as Sandisk and Microsoft, which surged 13.7% and almost 1%, respectively. Meta Platforms also rose 2.8%. However, CoreWeave's stock dipped 1.3% after surging 19% the previous day due to its revised annual capital spending forecast.

Jay Hatfield, CEO of Infrastructure Capital Advisors, described the market movement as an 'earnings boom, not a bubble.' The S&P 500 sector indexes saw seven out of eleven sectors rise, with communication services and real estate leading the gains. The Nasdaq gained 0.81% to 26,803.03 points, while the Dow Jones Industrial Average rose 0.13% to 53,839.99 points.