S&P 500, Nasdaq close higher as tech strength outweighs Fed worries

Technology shares boosted US stocks to a higher close on Wednesday as investors, lacking economic data during the government shutdown, looked to minutes from the US Federal Reserve’s most recent policy meeting for clues to the outlook for interest rates.

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The tech-laden Nasdaq enjoyed the biggest percentage gain, boosted by the artificial intelligence (AI)-related megacaps that have led market gains so far this year.

The S&P 500 and the Nasdaq notched all-time closing highs, while the Dow ended essentially flat.

Chip stocks were clear outperformers, while energy, consumer staples and homebuilders were the laggards, as a report from the Mortgage Bankers Association showed home loan demand dipped 4.7% last week despite easing interest rates.

Amid continuing euphoria surrounding AI, mounting US and geopolitical uncertainty has pushed gold prices above the $4,000-per-ounce threshold as investors flock to the safe-haven metal as a hedge against growing risks.