A rally in the world’s largest technology companies sent stocks to all-time highs, with Jerome Powell’s remarks to Congress not doing much to dissuade traders from betting on Federal Reserve rate cuts this year. For the first time in its history, the S&P 500 topped 5,600. A renewed bid for megacaps drove the US equity benchmark to its longest win since November, with Nvidia Corp. up over 2.5% and Apple Inc. climbing on news it aims to ship 10% more new iPhones after a bumpy 2023.
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