NEW YORK, July 7 — The Nasdaq and the S&P 500 hit new highs today, helped by a rally in technology-heavy growth stocks, while investors awaited minutes from the Federal Reserve’s meeting after the central bank took a more hawkish tone last month.
Wall Street has been concerned over higher inflation, with investors moving between economy-linked value stocks and growth names in the past few sessions. A fall in yield on the US 10-year notes to a new 4-1/2-month low also boosted the fast-growing tech stocks as their value rests heavily on future earnings, which are discounted more deeply when bond returns go up.
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