Tech firms push S&P 500 higher

S&P 500 has added to its remarkable turnaround from a 34% skid.

NEWYORK— More blowout profit reports from big tech companies pushed the S&P 500 to an all-time highWednesday.

The benchmark index rose 1%, even though most of the stocks within it closed lower. Technology stocks accounted for the lion’ s share of the gains, outweighing losses in health care, utilities, energy and other sectors.

TheS&P500has been notching record highs this month, adding to its remarkable turnaround this year from a nearly 34% skid this spring as the pandemic ravaged the economy. While the market’s movementshave remainedalmost relentlessly upward in recent weeks, poweredlargelyby big technology stocks, itsmomentumhas slowed. Recent data reports have shown a mixed picture on the economy, where activity has largely slowed following its initial rebound from its plummet into recession.

Still, the latest economic data provided more reason for investor optimism.

“The economy continues to showsigns of recovery,” said Patrick Schaffer, global investment specialist at J.P. Morgan Private Bank. “Virus containment strategies seem more targeted and less blunt than theywere in the initial phases.” of the pandemic.

TheS&P500gained 35.11points to 3,478.73. The DowJones Industrial Average rose 83.48 points, or 0.3%, to 28,331.92. The Nasdaq

composite, which is heavily weighted with technology stocks, climbed 198.59 points, or 1.7%, to 11,665.06, its third-straight record high. Smaller companies struggled. The Russell 2000 index of small-cap stocks fell 11.02 points, or 0.7%, to 1,560.19.

Tech stocks in the S&P 500 accounted for more than 57% of the S&P 500’s overall gain. It continues a longstanding run onWall Street, where investors continue to pile into companies that can deliver strong growth even if the economy isweak or quarantined.

Cruise line operators were among the biggest decliners. Norwegian

Cruise Line fell 6.1%, while Carnival dropped 3.8%.

In European markets, the German DAX returned 1%, and the French CAC 40 rose 0.8%. The FTSE 100 inLondonadded0.1%. Asianmarkets made mostly modest moves. Jap an’ sNikkei 225 and Hong Kong’ s Hang Seng indexes were virtually flat, and South Korea’ s K os pi added 0.1%. Stocks in Shanghai fell 1.3%.

Benchmark U.S. crude oil for October delivery rose 4 cents to $43.39 a barrel. Brent crude oil for October delivery fell 22 cents to $45.64 a barrel. Oil has been ticking higher asHurricane Laura barrels towardtheU.S. GulfCoast.