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S&P 500 and Nasdaq Hit Record Closing Highs as Chip Stocks Rebound

New York, 13 May 2026 – The S&P 500 and Nasdaq Composite closed at record highs on Wednesday, lifted by a rebound in artificial intelligence-linked chip stocks that helped Wall Street look past hotter-than-expected inflation data and fading expectations for near-term Federal Reserve rate cuts.

The S&P 500 rose 43.29 points, or 0.58%, to 7,499.62, while the Nasdaq Composite gained 284.62 points, or 1.20%, to 24,028.60. The Dow Jones Industrial Average slipped 67.36 points, or 0.14%, to 49,693.20, reflecting a narrower market rally led mainly by technology shares.

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Author

  • Tim Clark is a Senior Geopolitical Analyst for The Ledger Asia, specializing in the intersection of international relations and market stability. With over a decade of experience, Tim provides deep-dive insights into Indo-Pacific security, global supply chain resilience, and the strategic competition between major powers.

    Previously a consultant for leading international think tanks, he focuses on how shifting diplomatic landscapes and maritime disputes impact corporate governance and trade policy. At The Ledger Asia, Tim’s analysis equips readers with the clarity needed to navigate the complex regulatory and economic environments of Southeast Asia and beyond.

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