S&P 500 and Nasdaq hit new highs on hopes for US trade deal and tax cuts

US stocks continued to rise on June 30, closing the final trading session of the second quarter with new records, amid optimism about trade negotiations and the US tax cut bill.

Traders at the New York Stock Exchange on June 30 - Photo: REUTERS

According to AFP news agency, the S&P 500 closed at 6,204.95 points, up 0.5% on the day and up about 10.6% for the quarter.

The tech-heavy Nasdaq Composite Index rose 0.5% to 20,369.73, also a record high. The Dow Jones Industrial Average rose 0.6% to 44,094.77.

"Investors are feeling optimistic because we just had a very positive quarter with many reasons to be optimistic," said analyst Sam Stovall of CFRA Research, pointing to the main drivers being the easing of trade tensions and concerns about inflation.

The new records were set after Canada dropped tariffs on US tech companies, paving the way for Washington and Ottawa to resume talks after US President Donald Trump pulled out of the talks over the tax.

Trump administration officials also said progress was being made on trade deals with major partners and that agreements could be announced in the coming months.

Analysts also said investors are looking to Mr Trump’s massive tax cut bill, currently being debated in the Senate, which includes controversial provisions such as cuts to health benefits for low-income earners and increased spending on immigration deportation programs.

Shares of major banks such as Citigroup and JPMorgan Chase rose after the US Federal Reserve announced results showing that the entire banking industry passed its stress test late last week.

Shares of Meta rose 0.6% to an all-time high as the company continued its artificial intelligence (AI) talent recruitment campaign, luring experts from other companies with bonuses of up to $100 million.

Moderna rose 1.6% after announcing positive results from a phase three clinical trial of its seasonal flu vaccine.

THANH HIEN

Source: https://tuoitre.vn/sp-500-va-nasdaq-lap-dinh-nho-ky-vong-ve-thoa-thuan-thuong-mai-va-giam-thue-cua-my-20250701070253731.htm