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S&P 500 tops 7,000 for first time

Optimism over earnings powers Wall Street rebound from Greenland crisis

The S&P 500 climbed above 7,000 points for the first time on Wednesday, as stocks rebounded from the sell-off sparked by last week’s Greenland crisis and investors turned their attention back to corporate earnings.

The Wall Street benchmark, which has posted double-digit returns in each of the past three years, rose 0.3 per cent to a record high of 7,002.28 points in early trading in New York.

The index ultimately retreated to close marginally lower for the day after the Federal Reserve kept interest rates on hold, as expected, and chair Jay Powell said the US central bank was in no rush to ease borrowing costs further as the economy grows robustly.

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