The historic rally in U.S. stocks continued to power ahead, with the S&P 500 closing within a striking distance of its 5,000 milestone.
Gains on Wednesday were fueled by a renewed surge in tech megacaps and a strong sale of 10-year Treasuries that dimmed supply concerns. While bonds barely budged, equities extended a torrid surge from their October 2022 lows on prospects that a solid economy will continue fueling corporate profits. Traders shrugged off concerns about lofty valuations, February’s weak seasonality and cautious commentary from Federal Reserve officials — with stocks hitting fresh records.
“The market continues to climb the wall of worry, including shifting Fed expectations, geopolitical tension, and overbought market conditions,” said Mark Hackett at Nationwide. “We are entering a sluggish seasonal period, but the market has strong momentum.”
That positive tone in equities continued to prevail after…
