S&P 500 hits new record as U.S. markets bounce back from losses

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July 7 (UPI) — The S&P 500 hit a new record Wednesday as U.S. markets rebounded in an up-and-down day of trading.

The broad index hit an intraday high and rose 0.34% at the end of trading Wednesday, bouncing back from losses the day prior. The Dow Jones Industrial Average gained 104.42 points, or 0.3%, while the Nasdaq Composite inched up 0.0097%.

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Tech stocks helped to lead Wednesday’s gains as Apple climbed 1.8% and Amazon increased 0.57% and the two stocks have risen 10% over the past month.

The 10-year treasury yield fell 1.306% as minutes from the Federal Reserve‘s June 15-16 meeting showed it discussed tapering its bond purchases but was not in a rush to begin the process.

“As has been the case for some time, the direction of bond yields and tech stock have been joined at the hip,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC. “Traders will be watching as S&P 500 tech index move closer to its relative price high established last September. A break above that level would certainly reinforce a sustained leadership cycle for tech.”

U.S. crude oil prices fell after reaching a six-year high of $76.98 early Tuesday.

“With this country coming out of the pandemic so strongly and the rest of Europe and the rest of the world still to come out of the pandemic leads many traders to believe — and me to believe — we’re not done with the rally in crude oil,” Dan Dicker, the Energy Word Founder, told Yahoo Finance.