CHICOPEE, Mass. (WWLP) – Stocks rose Thursday with technology stocks outperforming, adding to gains from the previous session that led to new records on Wall Street.
The Dow Jones Industrial Average jumped 310 points, or 0.8 percent. 22News invited Mark Teed, senior vice president of investments at Raymond James' Teed Capital Management in Springfield, to talk about this increase.
You can watch the discussion with Mark Teed in the video player above.
NEW YORK (AP) — Stocks extended their momentum to record levels on Wall Street on Thursday, led by big gains for chipmakers.
The S&P 500 rose 0.5% in afternoon trading and was on track to set a record high for the third day in a row. About 75% of the stocks in the index gained ground.
The Dow Jones Industrial Average was up 317 points, or 0.8%, as of 2:30 p.m. ET. The Nasdaq composite rose 0.4%. Both indices also add to the records set the previous day.
Micron rose 15.2% and led chipmakers higher after reporting much stronger-than-expected results for its latest quarter. It also gave a profit forecast in the current quarter that beat analyst estimates as it benefits from a rush toward artificial intelligence.
Chipmaker Broadcom jumped 7% and was an even stronger force driving the S&P 500 higher. The day before, he gave a presentation to investors about his opportunities in AI. The general frenzy around artificial intelligence technology on Wall Street has sent some stocks to dizzying heights.
Reddit rose 35.9% in its debut as a publicly traded stock. The eclectic bazaar of online communities offered its shares at an initial price of $34 per share.
They helped more than offset Apple's 4.3% decline after the Justice Department announced a broad antitrust lawsuit against the iPhone manufacturer. It accuses the tech giant of engineering an illegal monopoly on smartphones that excludes competitors and stifles innovation.
Accenture was another market weight after falling 8.8%. The consulting and professional services company posted higher profits in the last quarter than analysts expected. But its earnings forecast for this full fiscal year missed estimates.
Olive Garden owner Darden Restaurants fell 6.7% after its full fiscal year revenue forecast fell short of analysts.
Treasury yields were broadly flat a day later the federal reserve He said he still expects to make three rate cuts this year. That helped calm some concerns on Wall Street that he would withdraw some cuts following some higher-than-expected inflation reports.
Lower interest rates would ease pressure on the economy and the financial system. Wall Street expects the Federal Reserve to begin cutting rates at its June meeting.
Some reports on Thursday morning suggested that the US economy is doing better than expected, even despite high rates. Fewer American workers filed for unemployment benefits last week, another sign of a remarkably resilient labor market.
A measure of manufacturing activity in the mid-Atlantic region grew unexpectedly, while a preliminary analysis of manufacturing activity nationally was also better than expected.
Wall Street will get its next big inflation update next week when the United States reports consumer and personal spending data for February. It is the Federal Reserve's preferred measure of inflation. Overall, inflation has slowed in several respects since it spiked in mid-2022, although progress stalled in the first two months of this year.
The European and Asian markets mainly gained ground.
The Chinese government announced new measures to support its economy.
The Swiss National Bank said it is cutting its key interest rate, a surprise move that makes Switzerland the first major financial center to announce a cut in recent months. The Bank of England it kept its main interest rate unchanged at a 16-year high and avoided signaling when it might start cutting it even though inflation has fallen sharply.
