S&P 500 hits new record as tech rally pushes stocks higher

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Wall Street stocks hit an all-time high on Friday, with strong gains for large tech companies finally pushing the index to a new record after a shaky start to the year.

The S&P 500, the main US equity benchmark, reached 4818.70, rising 0.8 per cent on the day to overtake the previous intraday record set on January 4, 2022.

The index had been within touching distance of the record for a month, after a blistering rally at the end of 2023. 

However, markets have lost momentum since the turn of the year, as disappointing economic data damped optimism about how quickly the US Federal Reserve will start cutting interest rates. Even after Friday’s rise, the S&P is up just 1 per cent in January, compared with a 16 per cent rally over nine consecutive weeks of gains from late October.

This is a developing story.

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