US stocks notch fresh all-time highs in short trading session as tech leads the way

• The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all closed at record high levels on Wednesday, a shortened trading session ahead of Independence Day in the US.
• For the S&P 500, it was the third-straight record intraday high and second-straight record close this week.
• All of the S&P's sectors, led by technology stocks.
• Visit Markets Insider's homepage for more stories.

Stocks in the US jumped on Wednesday in an abbreviated trading session ahead of Independence Day in the US. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all posted record closing highs.

All of the S&P 500's sectors rose, with technology and consumer discretionary stocks leading the charge. The Nasdaq Composite, meanwhile, rose for the sixth-straight session.

Here's where the major US indexes stood as of 1 p.m. Eastern Time:

• The S&P 500 rose 0.8% to 2,995.82.
• The Dow Jones Industrial Average rose 0.7% to 26,966.00.
• The Nasdaq Composite rose 0.8% to 8,170.23.

The yield on the 10-year Treasury fell to its lowest level since November 2016 as global bond yields dipped.

Some market strategists and economists are skeptical the record run in equities can continue amid a slowing economic backdrop in the US and abroad.

"As far as the second half of 2019 is concerned, our forecast is that the S&P will slump to 2,500, from a record high of almost 2,975, as earnings disappoint against a backdrop of a faltering economy," John Higgins, the chief markets economist at Capital Economics, said on Wednesday.

Within the S&P 500, here were the biggest gainers on Wednesday:

• Symantec soared 14%.
• Kellogg jumped 6%.
• Conagra rose 6%.

Shares of the cybersecurity company Symantec soared after Bloomberg reported that Broadcom was in advanced talks to acquire it. Broadcom could reach an agreement to buy Symantec "within weeks," Bloomberg reported.

Kellogg's shares received a boost after a MarketWatch columnist spoke favorably about the growth potential for the company's Morningstar Farms brand amid plant-based meat alternative popularity.

Meanwhile, shares of Conagra bounced back from a post-earnings drop last week. The company reported fourth-quarter results that fell short of Wall Street analysts' expectations.

And here were the S&P 500's biggest decliners:

• Electronic Arts fell 5%.
• Broadcom fell 4%.
• Norwegian Cruise Lines fell 2.5%.

Shares of Electronic Arts slipped after investors digested the second-season launch Tuesday of Apex Legends.

Broadcom's stock took a hit after Bloomberg reported the semiconductor giant was in advanced talks to buy the cybersecurity firm Symantec.

Meanwhile shares of Norwegian Cruise Lines extended their recent drop amid broader cruise line investor concerns for the Trump administration's Cuba travel ban. Shares have now fallen 11% since the start of May.

Stock markets in the US are closed on Thursday, and will re-open on Friday.

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