Nasdaq, S&P 500 hit new closing highs on rate cut hopes

US stocks extended their winning streak on Wednesday, with the Nasdaq and S&P 500 settling at record closing highs for the second straight session.

Even though technology shares remained a bit sluggish compared to the previous day, positive momentum prevailed due to rate cut hopes.

The Dow Jones Industrial Average index rose over one per cent to 44,922, the S&P 500 gained over 0.3 per cent to close at 6,467, and the Nasdaq Composite Index added 0.14 per cent to close at 21,713.