AI chip optimism lifts S&P 500 and Nasdaq to new records
The S&P 500 moved above 7,800 as chipmaker gains and easing Treasury yields buoyed major US indexes.
Key takeaways
- The S&P 500 closed up 0.58%, above 7,800 for the first time.
- The Nasdaq rose 0.45%, also closing at a record high.
The S&P 500 and Nasdaq closed at record highs, with the S&P 500 rising 0.58% to top 7,800 for the first time. The Nasdaq gained 0.45%, while the Dow climbed 0.49%.
Investors appeared encouraged by developments at chipmakers Marvell Technology, Advanced Micro Devices and Broadcom, which pointed to growth in demand for chips used in AI. Treasury yields also dipped after reaching recent highs.
Market optimism has also grown that the Federal Reserve will leave rates unchanged at its October meeting. September job figures showed underwhelming labor-market growth, and several Fed officials have said the next rate increase can probably wait.
This article was produced with the help of AI technology. Source: Yahoo Finance
