Fed Powell helps the stocks reach a record close once again for the S&P and Nasdaq

Fed Powell reiterated the dual risks. That is it’s not just inflation as chair Powell feels it is starting to decelerate again. This time employment is also a concern. Bad news is still good news. That may change going forward, but for now the broader S&P and NASDAQ once again closed at record levels. For the S&P index it’s the 6th consecutive record close. The index rose above 5600 for the first time today. The NASDAQ index closed at a new record level for the 7th consecutive day (the new high was on July 2)

Apple closed higher for the seventh consecutive day. Tesla closed higher for the 11 consecutive day.

The final numbers are showing:

• Dow Industrial Average average searched 429.39 points or 1.09% at 39721.37
• S&P index rose 56.95 points or 1.02% at 5633.92.
• NASDAQ index rose 218.16 points or 1.18% at 18647.45

The small-cap Russell 2000 rose 22.28 points or 1.10% at 2051.75.

Some of the big-name gainers today included:

• Apple, up $4.30 or 1.88%
• Nvidia rose $3.55 or 2.7%. Remember Nvidia is coming off of a 10:1 stock split.
• AMD rose 3.85%. Its shares are up 16.66% since July 1
• Micron rose $5.25 or 4.0%
• Intel has seen its price raise 13.07% over the last six trading days, but is still down some 28% on the year.

Some newer risers in the market are:

• Palantir rose $1.03 or 3.76%. Since June 21 (12 trading days), shares are up 19.21%
• Corning continues its three-day run to the upside which has seen the price move from $38.44 to $45.48 (up 18.31%). Today the shares rose 1.81%

After the close, Costco has announced that it would raise membership prices by five dollars. Shares are up $36 or 4.10% at $920.

This article was written by Greg Michalowski at www.forexlive.com.