S&P 500 and Nasdaq rally to record highs on optimism about trade deals
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The S&P 500 and Nasdaq notched record high closes on Wednesday, lifted by Nvidia and GE Vernova, as the European Union and the U.S. appeared headed toward a trade deal similar to an agreement President Donald Trump struck with Japan. The White House's deal with the European Union would include a broad tariff of 15% on EU goods imported into the U.S., two diplomats said. The rate, which could also extend to cars, would mirror the framework agreement the U.S. has struck with Japan. The benchmark S&P 500 has now climbed about 8% in 2025, while the Nasdaq has gained almost 9%. "The key thing is the markets have confidence that the White House is going to continue to work through these trade deals," said Larry Tentarelli, chief technical strategist for Blue Chip Daily Trend Report. Shares of GE Vernova surged to 14.6% an all-time high after the power equipment maker raised its revenue and free cash flow forecasts and b...