Record Highs as Tech Stocks Soar on Salesforce's Strong Results

Major U.S. stock indexes achieved record highs, driven by tech sector gains following Salesforce's strong performance and supportive comments by Federal Reserve Chair Jerome Powell. The anticipation of a Fed rate cut in December added to market optimism. Meanwhile, U.S. economic activity showed modest growth across regions.

On Wednesday, all three major U.S. stock indexes reached unprecedented closing highs, spurred by a surge in technology shares following impressive results from Salesforce. Federal Reserve Chair Jerome Powell's encouraging remarks also provided a late boost to market sentiment.

Powell noted the economy's strength since September, citing progress on inflation, influencing market perceptions positively. The Fed's Beige Book report corroborated this optimism with slight economic growth in most regions since October. Investors now anticipate another interest rate cut at the Federal Reserve's meeting in mid-December.

Salesforce's performance, achieving an all-time intraday high, helped lift other cloud companies and drive the S&P 500 technology index to record levels. Additionally, Marvell Technology and other chipmaker stocks surged on improved revenue forecasts, with investors closely watching upcoming U.S. employment data for further insight.

(With inputs from agencies.)