Tech companies power S&P 500 to new peak

The S&P 500 eked out its fourth consecutive record high close on Wednesday, helped by several big tech names rising to new peaks.

The blue-chip index ended 0.1 per cent higher with early gains moderating during afternoon trading.

Half a dozen of the index’s biggest companies by market capitalisation closed at record highs. Tech names included Microsoft, which finished just shy of the $3tn valuation it passed earlier in the session, Meta and chipmakers Nvidia and Broadcom.

Outside tech, class A shares of Warren Buffett’s Berkshire Hathaway rose 1.2 per cent to a new peak, while credit card group Visa rode an eight-session winning streak to a new high.

The tech-heavy Nasdaq Composite closed 0.4 per cent higher.