Stock Surge: S&P 500 Hits 7,000 Amid Tech Rally

The S&P 500 reaches a significant milestone of 7,000 points, driven by gains in chip stocks. Meanwhile, the Nasdaq moves closer to its record high as investors anticipate key announcements, including the Federal Reserve's rate decision and major Big Tech earnings.

The S&P 500 has climbed to the 7,000 mark for the first time in recent trading, spurred by a notable rise in chip stock values. This uplift in the stock market comes at a crucial time as investors brace for a crucial Federal Reserve interest rate decision.

Meanwhile, the Nasdaq showed similar upward momentum, edging closer to a record high, which reflects heightened investor optimism. The tech-heavy index was buoyed by gains in technology stocks, particularly in anticipation of major earnings reports from industry giants.

As of 09:32 a.m. ET, the Dow Jones Industrial Average also joined the upward trend, rising by 140.33 points, amounting to a 0.29% increase, while the S&P 500 added 22.45 points, and the Nasdaq Composite rose by 147.93 points. This rally signifies a positive start to a potentially volatile trading week.

(With inputs from agencies.)