The S&P 500 index last traded inches below a record high on Wednesday, with the rally led by tech stocks and hopes for a swift economic recovery from the COVID-19 pandemic.
The index rose by 1.37% to 3,379, cutting in close to February’s high of 3,386. Meanwhile, the Down Jones Industrial Average gained by 289 points, or 1.05% and Nasdaq Composite was up 2.1%.
The majority of gains made in the S&P 500 were led by tech giants such as Apple, Amazon.com, Microsoft, Facebook, and Alphabet, with each seeing their stocks rise more than 1%.
Energy stocks also contributed to the gains after government data showed weekly crude inventories in the U.S. were cut back by 4.5 million barrels, easing supply and demand concerns.