US stocks: S&P 500 hits intraday record high as AI rally continues

THE benchmark S&P 500 index briefly hit an all-time high on Tuesday (Oct 6) as optimism surrounding the AI trade and hopes of strong corporate earnings lifted technology stocks, further boosting the bull market that began in October 2022.

The index rose as much as 0.6 per cent to 7817.13 points, moving past the previous intraday record of 7,816.7 points it hit on Aug 13. The tech-heavy Nasdaq was also trading at record highs.

Optimism around the AI trade and expectations of strong corporate earnings have helped lift US stocks lately despite higher energy prices and a volatile summer for bond markets that fuelled concerns about tighter monetary policy.

On Tuesday morning, most megacap and growth stocks ticked higher as government bond yields came off their multi-year highs and oil prices fell.

At 09.31 am ET, the Dow Jones Industrial Average rose 164.45 points, or 0.32 per cent, to 51,432.35, the S&P 500 gained 37.77 points, or 0.48 per cent, to 7,811.72 and the Nasdaq Composite gained 162.58 points, or 0.59 per cent, to 27,639.89. REUTERS