The S&P 500 reached a new intraday high on Wednesday, despite a majority of its constituent stocks experiencing declines.
This key market index climbed 0.2%, surpassing 6700 for the first time, even with 301 stocks in the red. The Dow Jones Industrial Average rose by 23 points, or 0.1%, positioning itself for a potential closing record. The Nasdaq Composite Index increased by 0.4%, approaching its record close from September 22.
Investors shifted focus to riskier assets and growth stocks, moving away from low volatility and value stocks. The only sectors among the 11 in the S&P 500 that saw gains were health care, utilities, consumer discretionary, and technology. In contrast, materials, consumer staples, communication services, and financials lagged significantly.
