Wall Street Hits Records on Tesla Gains, Fed Hopes

Wall Street's main stock indices reached new highs, driven by gains in Tesla and other megacap growth stocks. The S&P 500 closed above 5,500 for the first time, while the Dow Jones and Nasdaq Composite also set records. Tesla surged 10.2% after reporting a smaller-than-expected drop in vehicle deliveries, despite increased competition and an aging lineup. U.S. Federal Reserve Chair Jerome Powell indicated progress on inflation, though more data is needed before considering rate cuts. The job openings report showed an increase in May, but layoffs also rose, creating mixed signals about the labor market's resilience. Investors remain divided on the sustainability of the market rally amid these economic indicators.