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Wall Street Closes At Record Highs After Reassurance From Powell: Magnificent 7 Hit $17 Trillion, Treasury Yields Erase Post-Election Spike [Yahoo! Finance]
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Jerome Powell 's press conference where he reassured markets by dismissing concerns about his potential resignation or removal following the election of Donald Trump The S&P 500 — as tracked by SPDR S&P 500 ETF Trust (NYSE: SPY ) — closed at 5,973 points, up 0.7% for the day. Tech stocks outperformed the broader market, with the Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ: QQQ ), surging 1.5% higher to an all-time high of 21,100 points. Notably, the combined market capitalization of the Magnificent Seven — Microsoft Corp. (NYSE: MSFT Apple Inc. (NASDAQ: AAPL NVIDIA Corp. (NASDAQ: NVDA Alphabet Inc. (NASDAQ: GOOG ) (NASDAQ: GOOGL Amazon Inc . (NASDAQ: AMZN Meta Platforms Inc. (NASDAQ: META ) and Tesla, Inc. (NASDAQ: TSLA ) — soared to over $17 trillion, setting a new peak. The Dow Jones stalled after Wednesday's 3.6% rise, while small caps eased 0.4% following a 5.8% jump the previous day. Top-performing sectors in the S&P 500 were technology, up 1.8%, followed by co
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