The S&P 500 reached a new record high on Tuesday, driven by strong economic data that fueled investor optimism. The index closed at 4,422.56, up 0.14% from the previous day.
According to the Institute for Supply Management's (ISM) weekly manufacturing index report, which tracks industrial production and other business activity, growth in this sector was a major contributor to the overall upward trend.
The Federal Reserve also released its latest minutes of its March Federal Open Market Committee meeting, which showed that policymakers remained focused on taming inflation but were more open to cutting interest rates if needed. This news helped push up stock prices and the broader market.
Other economic data points:
The Labor Department said Thursday that employers added 230,000 new jobs in May, exceeding forecasts and helping keep wages stable.
Market analysis:
The rise of the S&P 500 to record heights has been fueled by growing investor confidence and optimism. According to some market analysts, it's all about the latest data and trends.