Nasdaq ends at record high as Big Tech roars back | Malay Mail

NEW YORK, June 23 ― The Nasdaq ended at a record high yesterday, lifted by Amazon, Microsoft and other top-shelf tech companies as investors shifted their focus to growth stocks.

In a congressional hearing, meanwhile, Federal Reserve Chair Jerome Powell reaffirmed the US central bank's intent to encourage a"broad and inclusive" recovery of the job market and not to raise interest rates too quickly based only on the fear of coming inflation. "The market was caught off guard regarding the Fed’s hawkish commentary, and that’s 100 per cent of what is happening," said Andrew Mies, chief investment officer of 6 Meridian."All the smart people were surprised about how hawkish the Fed was, and now they are adjusting their portfolios."

Sanderson Farms rallied about 10 per cent to a record high after JP Morgan raised its price target on the stock after a source told Reuters that the poultry producer was exploring a sale. Splunk Inc surged over 11 per cent after the data analytics software maker said private equity firm Silver Lake invested US$1 billion in the company's convertible senior notes.

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