Wall Street closes higher, supported by a rise in technology stocks

The S&P 500 closed higher on Thursday, April 7, supported by gains in Microsoft, Tesla and Apple, while investors focus on the war in Ukraine and stronger measures the Federal Reserve may take.

Huge growth stocks came under pressure this week after comments from federal policy makers and the minutes of the March Fed meeting signaled a swift removal of stimulus measures put in place during the coronavirus pandemic.

The minutes of the meeting, released on Wednesday, April 6, showed that monetary policy officials agreed to cut up to $95 billion a month from the bank’s asset holdings even as the war in Ukraine eased the first increase in US interest rates since 2018.

The Standard & Poor’s 500 Index rose 17.83 points, or 0.40%, to close at 4,498 points, while the Nasdaq Composite Index rose 5.78 points, or 0.04%, to 13,894 points, and the Dow Jones Industrial Average also rose 93.50 points, or 0.27%, to 34590 points.

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