· Stocks closed at record highs on Wednesday as investors bet on a potential rate cut from the Federal Reserve later this month after the release of weaker-than-expected economic data.

The Dow Jones Industrial Average gained 179.32 points to end the day at 26,966, notching intraday and closing all-time highs. The Nasdaq Composite advanced 0.7% to 8,170.23.

The S&P 500 also rose 0.7% to 2,995.82 as the real estate and consumer sectors powered the broad index to record levels. Tech also boosted the index, rising 0.7% to a record high. The S&P 500 closed just0.1% below 3,000.

· European stocks closed sharply higher Wednesday as EU leaders agreed on nominees to lead the bloc’s main institutions for the next five years following a marathon summit.

The pan-European Stoxx 600 closed provisionally up by 0.8%, with the majority of sectors and all major bourses in positive territory. Travel and leisure stocks led the gains with a 2% jump.

European Union leaders agreed on Tuesday to nominate International Monetary Fund Managing Director Christine Lagarde as the new head of the European Central Bank. Euro zone bond yields tumbled on the news, and defensive stocks rallied as investors staked bets that the incoming head of the ECB will be a fan of low interest rates.

· The Nikkei 225 rose 0.52% in early trade, while the Topix gained 0.55%.

Markets on Wall Street will be closed on Thursday for the Fourth of July holiday.

Investors will now be watching for the U.S. nonfarm payrolls report, set to be released stateside on Friday.

Reference: Reuters, CNBC