A rally in big tech propelled stocks to their longest winning streak in two years, with investors dismissing the latest attempts by Federal Reserve speakers to temper Wall Street's dovish stance.
Following a series of twists and turns in the first hour of trading, the S&P 500 rose for the seventh day in a row and moved closer to the key 4,400 level. The Nasdaq 100 increased by about 1%, with Microsoft reaching an all-time high and cloud software stocks skyrocketing. The dollar's recovery has been extended. Bonds rose after Bank of England Chief Economist Huw Pill hinted that interest rate cuts could be on the table in 2024. Oil fell more than 4% to around $77 per barrel.