Major stock indexes on Wall Street closed higher supported by technology stocks on Wednesday, while European stocks rose to record levels, boosted by strong gains in French and Spanish shares.

Investors in U.S. stocks are awaiting details from the latest Federal Reserve monetary policy meeting for clues on interest rate cuts by year-end amid a lack of economic data during the government shutdown.

The Nasdaq led the gains, driven by profits from giant artificial intelligence companies that have led the market so far this year.

The S&P 500 rose 39.58 points, or 0.58%, to close at 6753.48 points, while the Nasdaq Composite increased 255.02 points, or 1.11%, to 23041.74 points. The Dow Jones Industrial Average rose 5.68 points, or 0.01%, to 46608.66 points.

European stocks rose to record levels, supported by strong gains in French and Spanish shares, while steel manufacturing stocks climbed after the European Union revealed plans to reduce steel import quotas.

The STOXX 600 European index rose 0.8% to close at its highest level, while French shares jumped 1.1% and Spanish shares reached their highest levels since 2007.

The German DAX index closed at its highest level in nearly three months.

The banking sector provided the biggest support to the European index, advancing more than one percent.

Steel manufacturing stocks rose after the European Commission proposed cutting tariff-exempt steel import quotas by nearly half, leading shares of ArcelorMittal, Aperam, ThyssenKrupp, and SSAB to increase between four and seven percent. The broader basic resources index rose 1.9%.

BMW shares fell 8.2% after the carmaker lowered its 2025 profit forecasts due to changes in U.S. tariff assumptions and weaker-than-expected growth in the Chinese market.

Competitor Mercedes shares dropped 2.9%, while the broader auto sector index fell 2.1%.

The French benchmark index remains among the lagging European indexes in 2025, having risen only nine percent since the start of the year, trailing the double-digit gains seen in most major exchanges.