NEW YORK – Two of Wall Street’s major indexes closed on Aug 28 at record highs, buoyed by an upward revision to second-quarter US GDP and strong results from AI chip giant Nvidia.
The Dow Jones Industrial Average climbed 0.16 per cent to a record 45,636.90, while the broad-based S&P 500 Index rose 0.32 per cent to 6,501.86, also a record.
The Nasdaq Composite Index added 0.53 per cent to 21,705.16.
The United States saw its gross domestic product grow at an annualised rate of 3.3 per cent in the second quarter, according to an official estimate updated on Aug 28 – higher than previously calculated and above market expectations.
The initial GDP estimate for the period, published in late July, showed annualised growth of 3 per cent, while investors had expected a revision to only 3.1 per cent.
Meanwhile, markets continue to be buoyed by the prospect of a Federal Reserve rate cut at its September meeting, which could stimulate economic activity in the world’s biggest economy. AFP