The relentless rally in stocks powered ahead on optimism the Federal Reserve will be able to engineer a soft landing, which would bolster the outlook for corporate earnings.
A fresh bout of risk-taking drove the S&P 500 to its 20th record this year, led by gains in industrials and banks. Not even losses in a pair of megacaps — Apple Inc. and Alphabet Inc. — curbed the market momentum. The Nasdaq 100 also hit an all-time high, buoyed by Micron Technology Inc.’s outlook. Reddit Inc. soared in its debut.
