Tech stocks push Nasdaq, S&P 500 to record highs as Bitcoin taps $75K
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Tech stocks helped drive the Nasdaq to 24,016 and the S&P 500 to 7,022 as Bitcoin climbed nearly 10% over the past two weeks.
US equities and tech stocks gained on Wednesday as investors looked optimistically to a de-escalation of the US-Iran war, while the price of Bitcoin tapped $75,000 amid broader positive momentum across the crypto market.
According to data from Yahoo Finance, the tech-heavy Nasdaq Composite hit a new all-time high of 24,016.02 on Wednesday, closing the trading day with a 1.59% gain, while the S&P 500 tagged its own record high of 7,022.95 after notching a slight gain of 0.8%.
The indexes' performance on the day was led by a 2.08% gain in tech stocks overall. Meanwhile, Bitcoin hit $75,229 on Wednesday, rising 1.07% over the past 24 hours and continuing recent positive momentum that has seen BTC climb nearly 10% over the past two weeks.
The tech and crypto gains come amid suggestions from the White House that US-Iran conflict may be coming to an end. President Donald Trump told Fox Business on Wednesday that he views the war as "very close to being over."
Trump, however, indicated that this still depends on whether a deal can be struck between the two nations.
"If I pulled up stakes right now, it would take them 20 years to rebuild that country. And we're not finished," he said, adding, "We'll see what happens. I think they want to make a deal very badly."
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Commenting on the S&P 500’s recent gains, Fundstrat's chief investment officer, Tom Lee, said there's more room for growth in the near term, arguing that some investors remain parked on the sidelines as they wait to see how the conflict develops.
Speaking with CNBC's "Closing Bell" on Wednesday, Lee argued that the US stock market and economy have been performing well enough despite the Middle East conflict, and added in a post on X that "stocks bottom on bad news,” not good news.
However, Lee said he expects the next leg of the rally to be led by crypto assets such as Bitcoin and Ether, along with the Magnificent Seven tech stocks and the broader software sector.
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Source: CoinTelegraph
