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S&P 500, NASDAQ HIT FRESH CLOSING HIGHS BUT DOW JUST SHY OF RECORD

The S&P 500 .SPX and Nasdaq .IXIC registered record closing highs on Wednesday, as investors seemed relieved over trade-related news, but the Dow .DJI just missed finishing at a record, ending down just 0.01% from its December 4, 2024 record finish.

It was the 12th record closing high of the year for the S&P 500 and the 13th for the Nasdaq.

The European Union and the U.S. are moving toward a trade deal that could include a 15% U.S. baseline tariff on EU goods and possible exemptions, two European diplomats said on Wednesday. This would come on the heels of a U.S.-Japan deal announced on Tuesday.

There remains an August 1 deadline looming on the trade front.

Earnings season is also in full swing, with shares of power equipment maker GE Vernova GEV.N up 14.6% and among the biggest boosts to the S&P 500 after it raised its full-year free cash flow forecast and beat Wall Street estimates for second-quarter profit.

Alphabet GOOGL.O ended the session down 0.6% and Tesla TSLA.O ended up 0.1% ahead of their quarterly results, which were due after the closing bell.

Here is the closing market snapshot:

(Caroline Valetkevitch)

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