The S&P 500 closed above 5,500 for the first time on Tuesday, boosted by a surge in Tesla shares and optimism over potential rate cuts. The index gained 0.7% to 5,510.65, marking its 32nd record close this year. The Dow Jones rose 147 points, and the NASDAQ Composite closed at a record 18,029.18. Federal Reserve Chair Jerome Powell highlighted progress on inflation but indicated more confidence is needed before cutting rates. Tesla shares jumped 10% after better-than-expected Q2 deliveries. Paramount Global rose nearly 8% on takeover speculation.
